LAGOS (CU)_The manufacturing sector of Nigeria is currently under immense stress on account of the pandemic, which has severely affected output, sales, turnover and profitability. Currently the industry’s contribution to the country’s Gross Domestic Product is less than 10 per cent, while in the second quarter of this year, growth was a mere 3 per cent. Now, as the industry is striving to recover from the severe downturn in operations over the past year, trade groups are calling on the government to suspend plans to impose excise duty on the manufacturing in Nigeria.
According to Dr Muda Yusuf, an economist and private sector advocate, the proposal would impair Nigeria’s post-pandemic economic recovery, and be detrimental to the…
