By Our Correspondent

The umbrella body of manufacturers in the country, the Manufacturers Association of Nigeria, MAN says the planned increase in Value added Tax, VAT and introduction of Stamp Duty on Bank transactions from N1000 and above would further erode the purchasing power of Nigerians and increase the plight of poorly remunerated workers.

Frank Udemba Jacobs, president of MAN made the remark recently on the occasion of the Association’s annual Media parley with Commerce and Industries Correspondents at its Headquarters in Ikeja, Lagos. He also appealed to the Nigerian Shippers Council not to reintroduce the Cargo Tracking Note, CTN, earlier abolished by the Federal Government, as this would add to the cost of doing business in Nigeria.

Jacobs commended the Federal Government for introducing measures to curb the influx of all kinds of products into the country especially those that can easily be produced in the country. He however, appealed to the Government to review the policy leading to prohibition of 41 items from the official foreign exchange window noting that 91 components of some of the prohibited items constitute raw materials used by local manufacturers in the country.

On the declining value of the naira, the MAN president recommended guided devaluation with pegged limits beyond which the currency cannot fluctuate. He reiterated the Association’s support of the Central Bank of Nigeria (CBN’s) policy barring Bureau De Changes (BDCs) from accessing foreign exchange from the official window noting that nowhere in the world is such practice allowed.

“We advocated the stoppage of allocation of scarce foreign exchange to the BDCs in the country and the review of Government guidelines on their operations. This was necessary as members of MAN could not access  foreign exchange at the official rate of N199.We have also successfully resisted the implementation of MYTO2.1 introduced by the Nigeria Electricity Regulatory Commission, NERC, and Distribution Companies, DISCOS,. You are aware that MAN is in court with NERC and the DISCOS on their contentious bills and had obtained an injunction restraining them from applying such charges or disconnecting members who refuse to pay the new rate,” the Jacobs said.

He urged the Federal Government not to sign the European Partnership Agreement as currently drafted as it is not in the best interest of the industrialisation plans of the country.