The Manufacturers Association of Nigeria (MAN) has disclosed that a staggering 767 companies ceased operations while 335 became distressed in 2023 in Nigeria.
In a statement released on Wednesday, MAN voiced criticism over President Bola Tinubu’s implementation of the Expatriate Employment Levy (EEL), citing concerns over its potential adverse effects on the manufacturing sector.
Expressing distress over the current state of affairs, MAN highlighted the manifold challenges already burdening the manufacturing sector.
The association warned that the introduction of the Expatriate Employment Levy would exacerbate the cost of doing business, potentially impacting the Nigerian economy and exerting pressure on the national currency.
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MAN underscored the gravity of the situation, emphasising that the imposition of the EEL could lead to far-reaching consequences for both the manufacturing sector and the broader economy.
The association cautioned that failure to reverse this policy could result in a deluge of lawsuits against the Federal Government, diverting attention from critical efforts to address the economy’s precarious condition.
“The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large. This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. If not reversed, it might expose the Federal Government to a plethora of lawsuits that would distract the government from the task of salvaging the current dire situation of our economy.”
