Forex volatility, multiple taxation, rising energy costs threatening operations—Manufacturers

Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branches, have identified foreign exchange market volatility as a significant threat to its operations. Usen Umoh, the acting chairman, made the assertion in an address at the association’s 17th Annual General Meeting (AGM) in Uyo on Monday. Mr Umoh said at the AGM, “Innovative Pathways in Manufacturing: Transforming Challenges to Opportunities,” that the instability of the Naira was a major business challenge. He said that the situation, which had led to increased raw materials and production costs, was putting immense pressure on manufacturers. The acting chairman said a more stable and predictable forex policy was critical to enabling manufacturers to plan and sustain their operations.

Mr Umoh identified other challenges of the association, including a multiplicity of taxes, rising energy costs, tariffs, and the cost of accessing funds. “The manufacturing sector remains the bedrock of economic growth, providing jobs, fostering innovation, and driving sustainable development. Our journey has, however, not been without challenges. I urge stakeholders to join hands in finding lasting solutions to the challenges facing the sector. Let us use this AGM as a platform to share ideas, explore innovative solutions, and renew our commitment to drive the sector forward,” he said. In his speech, Governor Umoh Eno of Akwa Ibom emphasised the manufacturing sector’s role in job creation, industrialisation and economic prosperity. Represented by his deputy, Akon Eyakenyi, Mr Eno expressed his administration’s resolve to improve the ease of doing business in the state. He stated that a well-managed micro, small and medium-scale enterprise sector remained key in the journey towards industrialisation.

“My administration has a lot in place to promote businesses and deepen entrepreneurial culture in our people. I urge our people to take advantage of these opportunities to develop ideas that will drive business growth,” he said. Mr Eno urged business owners in the state to pay their taxes and undertake corporate social responsibility projects to enhance the people’s quality of life. NAN