Manufacturers have urged the Federal Government to pay close attention to the industrial sector to strengthen the economy.
The manufacturers, who spoke at the Chemical and Non-Metallic Products Employer’s Federation’s (CANMPEF) 44th Annual General Meeting (AGM) in Lagos, noted that strabilising the economy depended on a system-driven approach to development.
President of the Union, Edwin Devakumar, said increasing investment in infrastructure, including roads, ports, railroads, energy, healthcare, and education was necessary to turn around the economy.
He said doing so would increase output, attract investment, and promote economic expansion.
According to Edwin, the government needed to step up efforts to make the country an appealing place for both domestic and foreign investment.
The CANMPEF president maintained that reducing regulatory processes would be one way to create an enabling environment that would encourage firms to stay in the country rather than leave.
“Similarly, prioritising ongoing efforts to diversify the economy away from heavy dependence on crude oil by creating an enabling environment and support for sectors such as agriculture, manufacturing, technology and renewable energy will reduce vulnerability to fluctuations in oil prices.
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“On the policy side, government should implement fiscal reforms and harmonise revenue collection and management.
“In addition, there should be drastic cut down on the number of government agencies saddled with such responsibility while ensuring transparency and accountability in government spending. It should also maintain prudent monetary policies to control inflation and stabilise the currency,” he said.
The Executive Secretary of the Union, Femi Oke, said while the country performed poorly for obvious reasons and continues to grapple with rising inflation among others, it was commendable that the Federal Inland Revenue (FIRS), the country’s apex tax body, hit a milestone.
“The FIRS generated over N10 trillion as tax revenue in 2022 as against N6.4 trillion in 2021. The figure is the highest tax collection ever recorded in its history, achieving over 96 per cent of its collection target.
“As significant contributor to tax revenue in the country, CANMPEF applauds the FIRS and urge government to utilize the success as opportunity to support local businesses that will boost employment generation and stimulate economic growth through fiscal policy balance, massive investment in infrastructure and promotion of Micro, Small and Medium scale Enterprises (MSMEs) development,” Oke said.