Manufacturers have warned that the 2035 deadline given by the developed nations to end the use of fossil fuels will harm Nigeria’s economy.
They noted that the deadline was too short for Nigeria to develop strategies to boost production for export.
Manufacturers Association of Nigeria (MAN), National President Mansur Ahmed said this at the body’s 15th Annual General Meeting/ public lecture in Uyo, Akwa Ibom State yesterday.
The theme of the lecture was “Challenges of FX Sourcing; The Manufacturers’ Perspective Export Window and Thinking Outside the Box”.
Ahmed, who stressed that manufacturers remained the backbone of any economy, also said that it was a disincentive for them to be laboured with multiple taxations.
His words: “One of the measures that gradually will be adopted globally is the complete stop of production of cars and engines that are powered by fossil fuels. In Europe, they have pegged the date by 2035. Other nations from other continents are following the same direction “In not a distant time, this will lead to a price crash of fossil fuels that will be close to $3-5 per barrel. It will seriously affect Nigeria’s monolithic economy
“The manufacturing sector has been acknowledged as the highest contributor to job and human creation through development and technology transfer.
“It is necessary that the federal and state governments, together with their agencies, work in synergies, carrying along relevant stakeholders in fashioning appropriate strategies to improve and stabilise the economy.
“There should be a partnership between the federal and state governments for the total rehabilitation of roads to aid the movement of goods and services and therefore encourage industrial development.
“There should be harmonisation of taxes especially, local government and roads-related levies to aid ease of compliance by MAN members and end possibility of exploitation and harassment by government officials.”
The President appealed to the Federal Government to prioritise the allocation of foreign exchange and also consider slashing the cost of diesel to manufacturers.
In his goodwill message, Governor Udom Emmanuel commended the manufacturers for their doggedness despite the current economic reality.
Emmanuel, represented by the Permanent Secretary, Ministry of Trade and Investment, Oliver Udokpo, pledged to continue engaging manufacturers through his industrialisation policy in the state.
His Cross River State counterpart, Ben Ayade, acknowledged the myriad of challenges faced by manufacturers.
He noted that if the manufacturing sector was allowed to thrive it would pick up the employable youths across the nation.