September 29, (THEWILL) – The Chief Executive Officer of Bullion Go-Neat Global Limited, Ambassador Olufemi Ajadi Oguntoyinbo, has urged the governments both at the federal and at the state levels, to address the issue of multiple taxation facing manufacturers in the country.
This is as he also said that the development of manufacturing industry is the key to economic growth of any nation.
He stated these at the 38th Annual General Meeting (AGM) of the Ogun State branch of the Manufacturers Association of Nigeria (MAN) held at Oke-Mosan, Abeokuta.
While citing the challenges of multiple taxation by different government agencies both at the federal and state on manufacturing industries, Ajadi, who was represented at the AGM by the General Manager of Bullion Go-Neat Global Limited, Mr Samuel Oluseyi Oguntade, stated that this act is resulting in high cost of production, making things difficult for operators.
Other challenges he mentioned included difficulty in accessing foreign exchange, as well as harassment by touts, purporting to be representing local government councils, saying that these were making it difficult for manufacturers to operate successfully.
Ajadi has, therefore, urged the concerned authorities to address the issues for the economy to grow as expected.
Speaking further, he said the manufacturing industry generates employment opportunities, enhances productivity, and boost government revenue through taxation.
He stressed that the manufacturing industry heavily depends on foreign exchange for sourcing raw materials, adding that this has made it difficult for it to achieve its needed contribution to Nigeria’s Gross Domestic Product (GDP).
He also said that multiple taxes and the menace of road touts, also hinder the growth of manufacturing sector.
Ajadi expressed concern that vehicles transporting goods and personnel for manufacturers faced harassment from various entities demanding undisclosed taxes and levies.
He said the collectors of these taxes and levies often claim to represent local government authorities, adding that these touts resorted to violence when drivers resisted, resulting in damage to both individuals and vehicles.
In a plea to the Government and the Joint Tax Board, Ajadi urged them to intervene with actionable resolutions to curtail these illegal road taxes and foster a more conducive environment for the manufacturing industry to thrive.
The 38th Annual General Meeting of MAN, which was held at Oke-Mosan, Abeokuta, brought together industry leaders and dignitaries from across the nation, include President of the Manufacturers Association of Nigeria, Otunba Francis Meshioye; Vice President of the Western Zone Manufacturers Association of Nigeria, Alhaji Dr Kamorudeen Ibitoye Yusuf; Director General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir.
Others are Chairman of the Manufacturers Association of Nigeria, Ogun State Branch, Mr George Onafowokan; Assistant Director of the Membership Service Division of the Manufacturers Association of Nigeria, Mr Joseph Emoleke.
The AGM Meeting garnered support from 22 sponsors, among them being the Bullion Go-Neat Global Limited.
AYO ESAN, has been actively reporting and analyzing political events for different newspapers for over 18 years. He has also successfully covered national and state elections in Nigeria since the inception of this democracy in 1999.
