Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has reaffirmed the Federal Government’s commitment to strengthening Nigeria’s manufacturing sector through a series of fiscal, trade and business facilitation reforms.
Oyedele said manufacturing remains a key pillar of the current administration’s economic transformation agenda, stressing that the government has introduced policies designed to improve the investment climate and enhance industrial competitiveness.
He made the remarks in a keynote address delivered on his behalf by the Director of Technical Services at the Federal Ministry of Finance, Basheer Abdulkadir, during the 41st Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Ogun State Branch.
The AGM, themed “Building a Resilient Manufacturing Sector: Surmounting the Challenges of Fiscal and Regulatory Policies and Tariffs,” brought together government officials, manufacturers, industry leaders, development partners and other stakeholders to discuss challenges affecting the sector and explore sustainable solutions.
Highlighting some of the government’s interventions, Oyedele said the Import Duty Exemption Certificate (IDEC) grants eligible manufacturers zero per cent import duty on machinery, equipment and industrial spare parts used in establishing or expanding factories.
He also pointed to the National List under Chapter 99 of the Common External Tariff, which provides concessionary import duties and waivers on critical raw materials and industrial inputs that are not readily available within the country.
According to the minister, the measures are intended to reduce production costs, encourage investment and position Nigeria’s manufacturing sector for greater competitiveness and long-term growth.
