By Joy Odigie
Benin, Jan. 6, 2020 The Manufacturers Association of Nigeria (MAN), Edo/Delta branch, has described the increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC) as `ill-time’ due to the economic recession.
Mr Okwara Udensi, Chairman of the branch, told the News Agency of Nigeria (NAN) in Benin on Wednesday that many businesses were still facing untold hardship caused by the COVID-19 pandemic and EndSARS violence.
He said the manufacturing sector was currently being faced with high cost of production noting that any further increase in electricity tariff would worsen production and purchasing power of consumers.
“The economy is in a bad shape, we are in recession, so an increase in electricity tariff will translate to an increase in the cost of goods and services.
If Nigeria keeps to plans, all her closed land borders should be reopened by now. This will be a follow-up to the reopening of four of the land borders, in line with President Muhammadu Buhari’s order about two weeks ago.
Nigeria Not Ready as AfCFTA Takes off, Say LCCI, MAN thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
Businesses raise concerns about the country’s implementation strategy
Though Nigeria ratified the African Continental Free Trade Area (AfCFTA) agreement, which is set to commence implementation today, there are concerns about the country’s readiness to take advantage of the trade deal as a result of lingering challenges, especially as it relates to border control and customs procedures. x
While many small businesses are unaware of details of the trade deal according to a recent survey by the Organised Private Sector, raising concerns about Nigeria’s implementation strategy, a large majority expressed worry about increased competition from other countries, despite the challenging business environment in the country.
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s the African Continental Free Trade Areas Agreement (AfCFTA) among the 54 participating countries commences today, January 1, 2021, the Central Bank of Nigeria (CBN) has insisted that it will sustain its foreign exchange (forex) restriction for 42 import items it had prohibited earlier.
The commencement of the pact is coming barely two weeks after the federal government reopened the land borders shut for over one year.
The AfCTA agreement allows participating countries to trade about 90 per cent of goods without any duty payment. However, each African country reserves the right to restrict importation of 10 per cent of goods that it has local capacity to produce.