MAN noted that the unfavourable situation has positioned the country among the worst countries to do business with a rank of 171 out of 190.
The association however noted that the Electricity Act 2023, if well implemented, promises to be a major game changer for the manufacturing sector.
The statement partly read, “As an advocacy Association, MAN has always pushed for the need to charge cost-reflective electricity tariff to avoid extortion of our members. Fortunately, it is of great delight that this new Act fits like a glove as it will help actualise a cost–reflective tariff considering the healthy price competition it will bring between the states and private investors.
“The country’s epileptic power supply is one of the prominent reasons for the relocation of some of our members. Provided the new Act adequately addresses the challenges in the power sector, we are quite optimistic that such development will encourage the inflow of manufacturing FDI, boost the performance of the sector and increase the sectoral contribution to the economy.”
MAN further expressed optimism that if properly utilised, such huge revenue can bridge the infrastructure deficits in many states without imposing further tax burden on manufacturers.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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