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The leadership of Manufacturers Association of Nigeria, MAN, says it intends to dialogue with the governments of Akwa Ibom and Cross River states over excessive taxation as well as deplorable access roads in the two states. MAN lamented that the burden of excessive taxes has stifled the operations of its members, diminished profitability and discouraged
MAN to negotiate with Akwa Ibom, Cross River govts over bad roads, excessive taxes
The leadership of Manufacturers Association of Nigeria, MAN, says it intends to dialogue with the governments of Akwa Ibom and Cross River states over excessive taxation as well as deplorable access roads in the two states.
MAN lamented that the burden of excessive taxes has stifled the operations of its members, diminished profitability and discouraged further investments.
This was disclosed in a statement by the Akwa Ibom and Cross River Branch MAN Chairman, Bishop Usen Umoh at the 17th Annual General Meeting, AGM, and public lecture of the association in Uyo.
“One of the most pressing issues we face is the multiplicity of taxes.
“It is essential that we engage in dialogue with the relevant authorities to streamline and harmonize the tax regime, ensuring a more business-friendly environment that will spur growth.”
Umoh disclosed that their ability to produce and distribute goods efficiently is significantly hampered by the poor condition of the roads connecting Akwa Ibom and Cross River states.
He particularly pointed to the Calabar-Itu federal road, saying the bad spots along the way have countless times stalled movement of goods between the two states.
According to him, the road is very vital for the transportation of raw materials and finished products between the states in the South-East.
“The deteriorating road infrastructure has led to delays, increased costs, and has severely impacted our business operations.
“We urgently appeal to the state governments to liaise with the federal government to prioritize the completion of the Calabar-Itu Road and other critical routes.
“Addressing these infrastructure challenges is essential to ensuring that our manufacturing activities can continue unhindered.
“It will enhancing the competitiveness of our products both locally and internationally.”
The MAN boss also decried foreign exchange volatility, lamenting that it poses a significant threat to their operations.
According to him, “The instability of the naira against major currencies has led to increased costs of raw materials and production, putting immense pressure on our bottom lines.
“A more stable and predictable forex policy will be crucial in helping manufacturers plan and sustain their operations.”
He added that rising energy costs is affecting businesses.
“The recent surge in energy costs has added a substantial burden to our operations. The hike in diesel prices, coupled with increased electricity tariffs imposed by generation companies, has exacerbated our production costs.
“As manufacturers, we rely heavily on diesel for transportation and power generation, especially given the unreliable grid supply. This has led to soaring operational costs, eroding our profit margins, and threatening the sustainability of our businesses.”
MAN to negotiate with Akwa Ibom, Cross River govts over bad roads, excessive taxes
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Argentina’s World Cup-winning goalkeeper Emiliano Martinez has been banned for two matches by FIFA for “offensive behaviour”, the Argentine Football Association announced on Saturday. The 32-year-old Aston Villa star was also found guilty of “violating principles of fair play” in two separate episodes. Martinez was found to have violated FIFA’s code of conduct when holding