On Tuesday, the Organised Private Sector of Nigeria requested the prompt reversal of the recently announced excise rate hike, arguing that it would have a significant impact on both businesses and the economy of Nigeria.
In a joint statement signed by representatives, OPSN – which includes the Manufacturers Association of Nigeria, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, the Nigeria Employers’ Consultative Association, the Nigerian Association of Small Scale Industries, and the Nigerian Association of Small and Medium Enterprises – stated this.
The group stated that it strongly disagrees with the recently announced excise rate increase, which was outlined in a circular dated April 20th, 2023, signed by the Honourable Minister of Finance, Budget, and National Planning, Zainab Ahmed.
The OPSN stated that the rise was unnecessary, poorly timed, and harmful to the Nigerian economy and manufacturing industry specifically, and therefore demanded that it be reversed immediately.
The manufacturing sector is facing extraordinary difficulties at the moment, as reported by OPSN. These include a persistent scarcity of the naira, restricted foreign exchange access, a struggling economy, and ongoing inflation, as well as recurring issues such as multiple taxation and unreliable power supply.
