The Federal Government has pledged to address the concerns raised by the Manufacturers Association of Nigeria (MAN)
regarding the contentious levies imposed by the Financial Reporting Council of Nigeria (FRCN). This commitment comes amidst growing unease within the manufacturing sector over the financial burden of these levies.
The Minister made this assurance during a meeting with MAN representatives in Abuja. The manufacturing body had recently voiced strong opposition to the FRCN levies, arguing that they were exorbitant and detrimental to the competitiveness of Nigerian industries.
“The Federal Government is deeply concerned about the issues raised by MAN,” stated Minister . “We understand the vital role the manufacturing sector plays in our economy, and we are committed to creating an enabling environment for its growth.”
MAN had specifically highlighted the following concerns:
- High Levies:
- Manufacturers argued that the FRCN levies placed an undue financial strain on their operations.
- Regulatory Burden:
- They also expressed concerns about the increased regulatory burden imposed by the FRCN, which they deemed excessive.
- Impact on Competitiveness:
- MAN warned that the levies could negatively impact the competitiveness of Nigerian products in both domestic and international markets.
In response, the Minister assured MAN that the government would engage in constructive dialogue to find a mutually acceptable solution.
“We are committed to engaging in open and transparent dialogue with MAN to address these concerns,” the Minister affirmed. “We will review the existing levies and regulations to ensure they are fair and reasonable, and do not stifle the growth of the manufacturing sector.”
The Federal Government has also indicated its willingness to explore alternative funding mechanisms for the FRCN, to reduce the reliance on levies imposed on manufacturers.
This move by the government is seen as a positive step towards resolving the ongoing dispute and fostering a more conducive business environment for manufacturers in Nigeria.
The government has promised to release updates on the progress of the discussions.
