Manufacturers Spend More On Security Than Taxes — MAN

Date:

May 15, 2024.

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Azonuchechi Chukwu.

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has said many manufacturers in the country spend more money to secure their assets than what they pay as taxes to the government coffers.

Ajayi-Kadir stated this, yesterday, while speaking as a guest on Channels Television’s Sunrise Daily programme.

According to him, the cost of security and energy continues to add to the production overhead of manufacturers which translates to high prices of goods in the country.

He lamented that the insecurity situation in the country has forced 60 percent of MAN members in the insurgency-troubled North-East geopolitical zone out of business.

His words:

“Insecurity is a major challenge. We lost between 56 to 60 percent of our members in the North-East to insecurity. They just stopped production. Insecurity is a disincentive to manufacturing activities.

“Some of us pay for security more than the taxes that we pay because it (security expenses) has to be on a continuous basis.”

Speaking on the hike in electricity tariff, the MAN DG said the increasing cost of energy continues to add to the production cost of manufacturers which translates to high prices of goods in the country.

He said though “power is not charity”, there has to be engagement between stakeholders like manufacturers and the Nigerian Electricity Regulatory Commission (NERC) before any increment in electricity tariff.

Ajayi-Kadir frowned at “arbitrary” hike in electricity tariff, saying that the cost of power supply has been “extremely prohibitive” for many manufacturers in the country.

He said the environment has been tough, not only for businesses but for individuals, noting that the President Bola Tinubu administration needs to work with stakeholders to smoothen the rough edges of its economic reforms and policies.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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