The Manufacturers Association of Nigeria (MAN) has commended the promise by President Bola Tinubu to set aside N75 billion over the next 8 months to boost the manufacturing sector, among other plans to cushion the effects of the fuel subsidy removal on Nigerians
The president, in a nationwide broadcast on Monday night, had specifically promised to set aside N75 billion for 75 manufacturing enterprises to access N1 billion credit at 9% interest rate per annum between August 2023 and March 2024 to accelerate transformation in the manufacturing sector.
Reacting to the broadcast, Director General of MAN, Segun Ajayi-Kadir, noted that the interventions will cushion the effect of the hardship across the socio-economic brackets, and ensure that the benefits are widespread and far reaching.
He also called on the government to engage local automobile companies in the production of the promised 3,000 units of 20-seater buses running on compressed natural gas (CNG) to ease transportation across the country.
His words: “We had indicated that the best palliative is to remove the binding constraints that have bedeviled the productive sector so that jobs can be created and guaranteed, salaries can be paid and production capacity boosted, with the attendant lower prices and improved availability.
