Manufacturers attending the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Kano-Jigawa Branch, visited the Dangote Group pavilion to obtain more information about the ongoing public offering of shares in the Dangote Petroleum Refinery and Petrochemicals.
The three-day AGM, which concluded on Thursday, provided an opportunity for manufacturers to engage representatives of the Dangote Group and seek clarification about the refinery’s “Peoples’ IPO.”
The public offering gives Nigerians and other eligible investors the opportunity to acquire shares in Dangote Petroleum Refinery and Petrochemicals and participate in the ownership and future growth of the major industrial project.
The IPO commenced on September 14 and is scheduled to run until October 13. Dangote Industries Limited is among the sponsors of the MAN Kano-Jigawa AGM.
Meanwhile, discussions at the meeting also focused on the challenges facing manufacturers, particularly the impact of multiple taxes, levies and other charges on businesses.
Nura Madugu, Chairman of MAN’s Sharada/Challawa Branch, called on the Federal and Kano State Governments to reduce the tax burden on manufacturers and speed up efforts to harmonise taxes and levies imposed on businesses.
Madugu said multiple taxation was adding to the financial pressure on companies already dealing with high energy costs, inadequate infrastructure, expensive financing, insecurity, foreign exchange difficulties and competition from imported products.
He noted that manufacturers contribute to government revenue through various taxes while also providing employment and supporting communities through corporate social responsibility initiatives.
Similarly, Mohammed Umar, Chairman of MAN’s Bompai/Jigawa Branch, acknowledged the resilience of manufacturers despite the difficult operating environment.
Umar said the AGM offered members an avenue to review the association’s activities, assess challenges affecting their businesses and consider measures for strengthening the manufacturing sector.
He identified high energy costs, multiple taxes, infrastructure deficits, financing challenges, insecurity, foreign exchange volatility and the influx of imported goods as major concerns for local manufacturers.
Umar also raised concerns about contraband and substandard products, saying they place additional pressure on businesses that invest in local production.
He stressed the importance of reliable and affordable electricity to industrial development and welcomed ongoing electricity-sector reforms in Kano State.
The MAN chairman urged authorities to implement measures that would improve electricity supply for industries and strengthen efforts against smuggling, counterfeiting and the importation of products that compete unfairly with locally manufactured goods.
