Home Business Nigeria: Taxes, Port Congestion Affecting Businesses – MAN

Nigeria: Taxes, Port Congestion Affecting Businesses – MAN

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Kaduna — The Manufacturers Association of Nigeria (MAN) said taxes and ports congestion are key challenges affecting members’ businesses.

Speaking at the end of the 23rd Joint annual general meeting of MAN, Kaduna branch, the acting Director, General, Mr. Ambrose Oruche, said the 7.5 per cent Value Added Tax (VAT) was affecting them.

“COVID-19 did not only affect manufacturers, it affected almost all businesses, it is a global pandemic not limited to Nigeria, Nigeria is not immune to the challenges that happened, but the challenge we have was that we had underlined economic challenge before COVID-19 came, so COVID now worsen the situation manufacturers are going through.”

He also said although businesses are reopening, there are peculiar challenges. “The multiplicity of taxes and port congestion are not making it easy for us to take our raw materials from the port and start producing, the activities of the Customs and other regulatory agencies that affect us.”

He also said scores of members did not get the N50 billion intervention fund from the Central bank of Nigeria (CBN) as he called for lower interest loans from banks.

“My call to the government is that CBN should find a way of letting them have something while retaining the 5% interest rate, so CBN should sit with these banks and let them know it is for economic development.”

President of MAN, Engr. Mansur Ahmed commended the branch for the commitment and dedication. “On our part at the national level, MAN is determined in its advocacy efforts to continue to draw the Government’s attention to the plights of manufacturers and provide recommendations on the way forward.”

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