…FG,CBN Advised to Look at the Numbers Again
The Nigerian nation is losing billions of dollars as a result of the border closure,so says Manufacturers Association of Nigeria(MAN) Toileteries &Cosmetric Group new Chairman Uche Okafor who was elected last week.
He therefore,advised the federal government and the Central Bank of Nigeria(CBN) that have been supporting the closure to look more closely at the figures emanating from te action to make double sure that the nation’s economy is not wose for it.
Also the outgoing Chairman of the Group Ikpong Umoh opined that the border closure negates the operation of its members as Nigeria is the hub of West African beauty products.
Quoting Tukumbo Chiedu,CEO ,Compass Global Services/Beauty West Africa ,he estimated the market value of T&C at N500bilion annually in the region.
Umoh complained about over regulation and multiple taxation of companies,saying that it tends to weaken the economy at the end of the day He therefore called for the harmonization of the policies of NAFDAC,SON,NESRA etc in order to make life bearable for its members who are basically SMEs.
Going further,he called on CBN,and other government agencies to look again at some aspects of the import restriction guidelines which runs against logic and the betterment of our economy.
Board Director of Gazelle Touch,Kwame Senou urged MAN T&C member to learn how to build strong brands in order to better win in the African market place,adding that they should take the areas of packaging seriously.
While the Guest Speaker.S. Kuti-George,For President Lagos State arm of National Association of Small and Medium scale industries in his speech condemned multiple taxation and harms of border closure and urged his audience to strategize on how to survive whether or not the border is closed