FG urged to enforce rules that benefit local manufacturers

As part of efforts to create the much needed enabling environment for businesses of local manufacturers to thrive, the federal government has been urged to look into the issues of exchange rate of the naira to foreign currencies, infrastructural deficit and multiple taxation.

This plea was made by the Managing Director and Chief Executive Officer of Berger Paints Nigeria Plc, Peter Folikwe  who called on the Standard Organisation of Nigeria, SON to enforce  enabling rules  that will assist to sustain  local manufactuers.

Folikwe explained that quality products is a necessary condition for competitiveness in the global market and it enhances consumers’ loyalty and higher turnover, adding that Nigeria would compete more favourably in the global market if it leverages on consumer advocacy approach whereby consumers of products are enlightened that while inferior products appear cheap, they are actually more expensive than quality products in the area of durability and utilitarian value.

“The real sector is the major sector that can drive economic growth and development. But in Nigeria, the sector has consistently suffered a setback in the scheme of things. The sector is bedeviled with myriad of issues which include infrastructural deficits such as bad road, epileptic power supply, multiple taxation, Naira exchange rate volatility and the extent to which the SON  is actually tracking and sanctioning those who compromise standard in their product quality.

All these increase production cost and force producers to pass the cost to consumers who are already struggling with weak purchasing power. Government should address these issues without further delay,” he said.