Dr Owolabi
Former Managing Director of Sjyway Axiation Plc, Dr Oluropo Owolabi, has taken a swipe at the Manufacturers Association of Nigeria (MAN) for indreasing the suffering of Nigerians despite series of tax wavers enjoyed from present administration.
He posited thar the present government of President Bola Ahmed Tinubu has been magnanimous enough to make operations easy for the manufacturing body, yet their products remain uhaffordable for the masses.
Owolabi lamented the lingering trend, saying ir has led to a situation where government’s efforts are clouded “by the greedy action of a body which seems bent in sabotaging government.
“How can you explain the present situation where government keeps taking steps to assuage the burdens of the manufacturing association of Nigeria, yet the price of their products ramain as it were
” The essence of tax waver, to my understanding, is to, in the long run, make things easy for them so as for them to also bring down the price of their products to the affodable level for the people
” in this instance, what we see is a winner takes all situation, which is not fair enough for the people and even the federal government that has been so magnanimous to them,” he said
The Tinubu administration had granted a sweeping package of tax waivers and incentives aimed squarely at the Manufacturing Association of Nigeria, for a fresh push to revive the country’s industrial backbone.
President Tinubu first signed an executive order in June 2024 that strips import duties and value‑added tax from a range of machinery, equipment and raw materials needed for pharmaceutical and broader manufacturing production, a move that the government said would slash costs and sharpen competitiveness on both local and regional markets.
Building on that, Tinubu’s team followed up with four major tax‑reform bills in June 2025 that take effect from 2026, delivering a suite of reliefs that directly benefit manufacturers.
Under the pending tax reform, small companies with turnover of up to ₦50 million now enjoy a zero‑rate company income tax, while a host of essential goods—including food, medicines and basic industrial inputs—are exempt from VAT.
The reforms also introduce a reduced corporate tax rate for medium‑sized firms and a host of deductions for wages, transport subsidies and new hires, all designed to free up cash flow for production expansion.
At the 2025 Nigeria Manufacturing & Equipment Expo in Lagos, Minister of Innovation, Science and Technology Chief Uche Nnaji, announced a fresh set of incentives for firms that source raw materials locally.
The package includes tax credits, duty relief, investment allowances and excise waivers, with the Raw Materials Research and Development Council empowered to fast‑track the benefits for compliant manufacturers.
These measures were put in place with expectations that they would lower the import bill—currently about 70 percent of manufacturing inputs are bought abroad—and to stimulate technology‑driven production across sectors such as agro‑processing, polymers, green tech and pharmaceuticals.
