According to Atiku Abubakar, if elected president, his administration will support manufacturing by evaluating the import duties that must be paid on locally accessible raw materials and on imported machinery used for domestic production.
This was revealed by Atiku, the People’s Democratic Party’s presidential nominee, in a statement on Thursday afternoon.
This occurs at a time when the customs office in Nigeria just increased import taxes on some machinery to 20%.
He said, “To jump-start the manufacturing sector and create much-needed jobs, and a profitable Nigeria that works for all, we shall review import duty payable on raw materials that are available locally and on imported machinery for local production.”
To jump-start the manufacturing sector and create much needed jobs, and a profitable Nigeria that works for all, we shall review import duty payable on raw materials that are available locally and on imported machinery for local production. – AA pic.twitter.com/XCRLsjse8Q
— Atiku Abubakar (@atiku) June 23, 2022
Nigeria’s manufacturing sector grew by 5.89% (year-on-year) in real terms in Q1 2022, an increase of 3.61% points from the preceding quarter which recorded a growth rate of 2.28%.
The manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products.
Other activities in the sector include Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.