The trouble with low industrialisation, weak business confidence

IN the face of rising costs, low sales and worsening business confidence, stakeholders are calling for urgent actions to raise the bar of industrialisation, TOBI AWODIPE writes. A recent purchasing managers’ index revealed…IN the face of rising costs, low sales and worsening business confidence, stakeholders are calling for urgent actions to raise the bar of industrialisation, TOBI AWODIPE writes.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise , Dr Muda Yusuf, called for the execution of immediate policy fiscal-driven measures, especially on import duty, which he said was stated in the economic stabilisation plan. He said critical materials like raw materials, machinery and key inputs imports should receive import duty concessions. Yusuf also advocated concessions in the areas of taxation and levies imposed on businesses and industries.

Adding that the recent presidential address did not address the elephant in the room, he said the staggering cost of governance continues to be ignored at the detriment of a failing real sector. “On needed interventions, the government must fund the real sector as a matter of urgency. Working capital for most manufacturers has been depleted due to the poor economy. Government promised manufacturers several funds and grants, but we have yet to see anything. Address all the unhealthy and unhelpful policies affecting us; that is what we want,” he said.Before flagging, please keep in mind that Disqus does not moderate communities.

The Federal Ministry of Marine and Blue Economy has acknowledged the Ogun State’s Inland Dry Port project for securing a Certificate of Compliance from the Infrastructure Concession Regulatory Commission . The ministry stated that the certification would further facilitate the implementation of developmental processes of the proposed port. The Chairman of the Project Delivery…

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