MAN Backs Tinubu’s Economic Reforms Despite Harsh Realities

|By Adejumo Adekunle

The Manufacturers Association of Nigeria (MAN) has thrown its weight behind President Bola Tinubu’s economic reforms, describing them as tough but necessary steps to reposition the country’s economy.

Chairman of MAN in Cross River and Akwa Ibom States, Dr. Adoga Inalegwu, made the remarks in Calabar after a familiarization visit to member companies over the weekend.

Inalegwu admitted that the policies have plunged many Nigerians and businesses into hardship but insisted they are crucial for long-term stability.

“President Bola Tinubu’s policies are tough decisions Nigeria needs at this moment. If we keep palliating ourselves, we will never solve our problems. He has made very bold moves,” he said.

He particularly highlighted the government’s tax reforms, noting that despite the complaints, they reduce multiple taxation that had long burdened manufacturers. He also welcomed efforts to boost disposable income among citizens.

On foreign exchange, the MAN boss acknowledged the pain of operating with the naira trading above ₦1,500 to a dollar, but he applauded the recent stability and availability of Forex.

“We no longer struggle to source Forex like in 2023 when I suffered big time. Though costs have doubled, the good news is that Forex has had some stability,” Inalegwu stated.

He, however, criticized the recent 2.5 percent increase in Value Added Tax (VAT), warning that it significantly eats into the revenues of firms that already spend billions to stay afloat.

Despite these challenges, Inalegwu maintained that Nigerian manufacturers have remained resilient and continue to devise strategies not just to survive but also to thrive.

“Even when things are not rosy, manufacturers can still be resilient, ambitious, and forward-thinking,” he said.