Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN) thronged the Dangote Group’s pavilion at the exhibition to seek information and clarification on the ongoing Public Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals (DPRP).
The three-day Annual General Meeting (AGM) of the Kano-Jigawa Branch of the Manufacturers Association of Nigeria (MAN), the 54th in the series, ended on Thursday, with the Dangote Group’s representative hosting participants and engaging manufacturers who expressed keen interest in the ongoing Initial Public Offering (IPO) of the Dangote Refinery.
The Dangote Refinery Peoples’ IPO offers Nigerians and other eligible investors an opportunity to buy shares in the Dangote Petroleum Refinery and Petrochemicals, thereby becoming part-owners of one of Africa’s largest industrial projects and participating in its future growth.
The Dangote Refinery IPO runs from Sept. 14 to Oct. 13.
Dangote Industries Limited is one of the sponsors of the 54th MAN AGM.
Earlier, in his opening remarks, the Chairman of the MAN, Sharada/Challawa Branch, Alhaji Nura Madugu, highlighted the mounting burden of multiple taxes, levies and charges on manufacturers, warning that the situation is increasing the cost of doing business and undermining the competitiveness of local industries.
Madugu urged the Kano State and Federal Governments to ease the tax burden on manufacturers and accelerate efforts to harmonise taxes and levies imposed on businesses.
He particularly decried the practice of double and multiple taxation, which he said continued to place additional financial pressure on manufacturers already grappling with high energy costs, inadequate infrastructure, expensive financing, insecurity, foreign exchange challenges and unfair competition from imported goods.
“We are especially concerned about instances of double and even multiple taxation, where the three tiers of government impose what is essentially the same levy under different names and different guises.
“This practice places our products at a serious disadvantage in their constant competition with imported goods, a disadvantage made worse by the high cost of alternative power supply and the volatility of the foreign exchange rate.”
Madugu reminded the meeting of MAN’s enormous contribution to the society and provision of employment to thousands of Nigerians, as well as participating actively in tax revenue generation for the country.
“We provide employment to thousands of Nigerians. We participate actively in tax revenue generation for the states and the federation through the deduction of Value Added Tax on our products, the remittance of Pay-As-You-Earn on behalf of our staff, and the payment of Withholding Tax, Education Tax, Tertiary Education Tax, Company Income Tax, and a whole host of other levies too numerous to mention individually.
“Beyond taxation, we also discharge our Corporate Social Responsibility diligently to the communities in which we operate.
“Even though what we receive in return remains modest, we continue, in strength and in good faith, to serve this nation and to hold up its economy. We do this because we believe in Nigeria and in Kano State,” Madugu added.
In his remarks also, MAN Chairman, Bompai/Jigawa Branch, Mohammed Umar, appreciated the association’s members for their resilience, commitment and continued investment in the Nigerian economy in spite of the difficult operating environment.
He pointed out that the meeting provides the members of the association with an opportunity to reflect on its activities, review the challenges confronting their businesses, acknowledge the progress they have made, and chart a stronger course for the future of manufacturing in the country.
However, he said, the members must acknowledge that manufacturing remains under serious pressure.
He highlighted that the high cost of energy, multiple taxes and levies, inadequate infrastructure, high financing costs, insecurity, foreign exchange challenges and unfair competition from imported goods continue to affect their competitiveness.
“One issue that requires our collective attention is the importation of contraband and substandard goods. These products undermine local manufacturers who invest heavily.
“Reliable and affordable electricity remains one of the most important requirements for industrial development.”
He welcomed the ongoing electricity reforms and efforts by the Kano State Government and the State House of Assembly towards establishing a more effective electricity framework for the State.
He called for the swift implementation of reforms that would create a more reliable, competitive and affordable electricity for industries.
He urged the relevant government agencies to intensify the fight against smuggling, counterfeiting and the importation of goods that compete unfairly with locally manufactured ones.(NAN)
Edited by Ismail Abdulaziz
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