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Manufacturers Association of Nigeria Reports 767 Shutdowns In 2023 Amid Economic Challenges

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Manufacturers Association of Nigeria Reports 767 Shutdowns In 2023 Amid Economic Challenges

The Manufacturers Association of Nigeria (MAN) has disclosed that 767 manufacturing companies ceased operations in 2023, while 335 others became distressed. This troubling trend has been attributed to exchange rate volatility, rising inflation, and other economic difficulties……..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

In a statement, MAN condemned the introduction of the Expatriate Employment Levy (EEL) by the Federal Government, stating that it contradicts President Bola Tinubu’s Renewed Hope Agenda and his Fiscal Policy and Tax Reform initiative.

The association highlighted the adverse effects of the EEL on the manufacturing sector, emphasizing the additional burden it places on businesses already grappling with numerous challenges. These challenges include declining capacity utilization (currently at 56%), rising interest rates, forex scarcity for importing raw materials, and machinery.

MAN expressed concern that the EEL violates international trade agreements, particularly the African Continental Free Trade Area agreement, which promotes the free movement of skilled labor across the continent.

Moreover, MAN warned that the imposition of the levy could lead to retaliatory measures against Nigerians working abroad and hinder regional integration efforts. It cautioned that the levy’s implementation could result in legal challenges against the government, diverting attention from addressing the country’s economic woes.

In its recommendation, MAN urged President Tinubu to discontinue the implementation of the Expatriate Employment Levy.

The EEL, introduced by the Federal Government, aims to bridge wage gaps between expatriates and Nigerian workers, encourage skills transfer, and prioritize the employment of qualified Nigerians in foreign-owned companies. However, it has faced criticism from various sectors, including the Organised Private Sector and industry experts.

Critics argue that the levy may deter Foreign Direct Investments (FDIs) and lead to the relocation of foreign companies to neighboring countries with more favorable business environments. Additionally, there are concerns about potential retaliatory actions by other countries and adverse effects on diaspora Nigerians.

As stakeholders continue to voice their opposition to the Expatriate Employment Levy, its implementation remains a contentious issue, with implications for Nigeria’s economic prospects and international relations.

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“ASSASSINATION SURVIVOR: Alex Otti Drops Chilling Details Of How He Narrowly Escaped Death!”.

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Abia State Governor Alex Otti has revealed how he narrowly survived an alleged assassination attempt in Abuja during his pursuit of the governorship in 2015[cite: 20].....KINDLY READ THE FULL STORY HERE▶

Speaking at a solemn assembly and covenant renewal service in Umuahia, Governor Otti detailed the harrowing experience, stating that approximately 12 armed men stormed a building in Maitama in July 2015 with the intent to kill him[cite: 20]. According to the governor, the assailants arrived expecting him to be inside, but he had departed the location shortly before their arrival[cite: 20].

Recalling the event, Otti expressed profound gratitude to God for his survival, noting that the attackers shot two individuals during the incident before searching the premises in vain for him[cite: 20]. “They jumped into the next compound and stripped the whole place. They thought I was there, but I had left,” he said[cite: 20].

The governor explained that the Solemn Assembly was convened to rededicate Abia State to God, aiming to ensure that the state’s affairs are guided by faith rather than fetish practices[cite: 20]. Earlier in the service, Coordinator of the assembly and Commissioner for Local Government and Chieftaincy Affairs, Uzor Nwachukwu, remarked that the state had been

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“SHOCK CONFESSION: Soludo’s Govt Finally Admits ‘Peter Obi Did Well As Governor’ Amid Financial Feud!”

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The Anambra State Commissioner for Information and Value Reorientation, Law Mefor, has stated that Governor Charles Soludo’s administration has no intention of indicting former governor Peter Obi. Speaking during an interview with Rudolf Okonkwo on 90MinutesAfrica, Mefor clarified that there is no personal or political rift between the two leaders, explaining that their differing positions are simply a natural part of political interest.....KINDLY READ THE FULL STORY HERE▶

  • Working with the Federal Government: Mefor noted that Governor Soludo’s cooperation with President Bola Tinubu aligns with the All Progressives Grand Alliance (APGA) tradition. He pointed out that Obi similarly maintained a working relationship with former President Goodluck Jonathan’s PDP administration during his tenure.

  • Acknowledging Past Performance: While dismissing claims that the state’s financial scrutiny is a witch hunt against Obi’s presidential ambitions or legacy, Mefor affirmed, “Peter Obi did well as governor.”

  • The Debt and Account Balance Dispute: The primary point of contention centers on financial liabilities. Mefor disputed Obi’s claim that his administration left no financial liabilities and challenged a specific claim regarding ₦2.13 billion left in an ecological fund account at First Bank’s UNIZIK branch. According to Mefor, checks by the state government revealed no such inflow or balance, challenging Obi to publish the bank statements if he believes otherwise.

  • Loan Liabilities: Mefor clarified that while borrowing is not inherently wrong—noting that Obi took about eight loans for noble causes like education, agriculture, and erosion control—the former administration did leave repayment burdens for successive governments. He referenced Debt Management Office (DM) records showing billions in domestic debt upon Obi’s departure.

  • Soludo’s Borrowing Stance: Mefor concluded that while Governor Soludo has not taken any loans since assuming office, this does not mean borrowing is entirely bad, provided the funds are tied to revenue-generating public projects.

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OK Movement Campaign Council Was Created Without My Approval – Peter Obi Backs Dickson.

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Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has advised support groups against overstepping their bounds and attempting to function as a political party.....KINDLY READ THE FULL STORY HERE▶

  • Support Groups vs. Party Roles: Speaking during an Arise News interview regarding the friction between NDC national leader Seriake Dickson and the OK Movement, Obi aligned fully with Dickson’s position. He emphasized that groups like the OK Movement, the Obedient group, and Kwankwasiyya exist to support the NDC, not replace it.

  • Disowning the Campaign Council: Obi explicitly condemned the presidential campaign council formed by the OK Movement, clarifying that it was established entirely without his knowledge or approval.

  • Call for Alignment: He noted that any major actions taken by support groups backing both himself and Rabiu Kwankwaso require their explicit approval, criticizing instances where managers act contrary to official directives.

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