To safeguard Nigeria\u2019s economy and avert widespread factory
\n closures amid the potential economic fallout of the US-Iran conflict, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to implement a framework compelling domestic mega-refineries to prioritise the supply of refined fuels and petrochemicals to local manufacturers at discounted, non-import-parity rates.<\/p>\n
MAN also urged the Federal Government to rapidly scale up and subsidise the Presidential Compressed Natural Gas (CNG) initiative, with a focus on manufacturing clusters and heavy-duty logistics, to reduce the sector\u2019s dependence on imported diesel.<\/p>\n
In addition, the association called on the Central Bank of Nigeria (CBN) to establish a dedicated and prioritised foreign exchange window for manufacturers importing critical raw materials and machinery, thereby shielding them from speculative market volatility.<\/p>\n
To cushion the impact of rising transportation costs, MAN further recommended that all tiers of government introduce an immediate six-month moratorium on discretionary highway levies, haulage taxes and multiple transit tolls that currently increase the cost of distributing manufactured goods.<\/p>\n
The association made these recommendations in a position paper outlining the potential geoeconomic consequences of the conflict and proposing a strategic roadmap to mitigate its impact. <\/p>\n
The paper, titled \u201cPosition of the Manufacturers Association of Nigeria on the Implications of the US-Iranian Crisis for the Manufacturing Sector,\u201d warned that the conflict could undermine Nigeria\u2019s hard-won macroeconomic gains.<\/p>\n
MAN noted that the risks come at a time when annual inflation had eased to 15.10 per cent and manufacturing capacity utilisation had begun to recover above the 60 per cent threshold. <\/p>\n
However, it cautioned that despite the crisis unfolding thousands of miles away, disruptions to global shipping routes and energy markets could deliver significant economic shocks to Nigeria\u2019s manufacturing sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
To safeguard Nigeria\u2019s economy and avert widespread factory closures amid the potential economic fallout of the US-Iran conflict, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to implement a framework compelling domestic mega-refineries to prioritise the supply of refined fuels and petrochemicals to local manufacturers at discounted, non-import-parity rates. MAN also […]<\/p>\n","protected":false},"author":2,"featured_media":9878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=9877"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9877\/revisions"}],"predecessor-version":[{"id":9879,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9877\/revisions\/9879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/9878"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=9877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=9877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=9877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}