2019 Budget: MAN Predicts Tough Operating Environment For Manufacturers

By LOVETH AZODO, Lagos

Following the 2019 Budget recently signed into law by President Muhammadu Buhari, the Manufacturers Association of Nigeria (MAN) has said that the needed supporting policies and infrastructure for a conducive working environment for the manufacturing sector have not been given sufficient priority hence would result to a tough year for manufacturers.

In a document made available to OPTIMUM TIMES, the association mentioned that 2019 budget which appears to be an extension of 2018 as no new grounds were explored should be properly aligned: the assumptions of the budget with economic realities.

However, according to the association, some of the provisions of the budget would be very important in supporting economic activities in the coming year. The huge emphasis on infrastructure development, especially power, road and rail is encouraging.

On the AfCFTA, “it is important for Government to pay adequate and unwavering attention to the emerging issues on AfCFTA in 2019 and onward, and ensure that Nigeria’s economic interests, especially the private sector, are not only projected, but protected in arriving at the decision to sign or not to sign or when to sign,” the association adviced.

Also missing in the budget was need to develop a digital economy and 4th industrial revolution in order to enhance productivity “the safety nets were not captured in the budget neither was a statement directed at it during Mr. President’s budget speech.”

“Nigeria’s production base faces future risks due to its weak performance in developing productivity drivers such as innovation and human capital, and this calls for closer examination and immediate action,” it read.