Kano:Manufacturers attending the 54th Annual General Meeting (AGM) of the Kano-Jigawa Branch of the Manufacturers Association of Nigeria (MAN) showed significant interest in the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals. The three-day event concluded with manufacturers gathering at the Dangote Group’s pavilion for details on the IPO, which offers Nigerians and other investors the chance to purchase shares in one of Africa’s largest industrial projects.
According to News Agency of Nigeria, the Dangote Refinery IPO is scheduled to run from September 14 to October 13. Dangote Industries Limited is one of the sponsors of the AGM, where representatives engaged with manufacturers keen on investing in the refinery.
During the meeting, Alhaji Nura Madugu, Chairman of the MAN Sharada/Challawa Branch, raised concerns over the increasing burden of multiple taxes, levies, and charges affecting manufacturers. He urged both the Kano State and Federal Governments to alleviate the tax pressures on businesses and harmonize the various taxes and levies imposed.
Madugu stressed that double and multiple taxation by different government tiers were exacerbating the financial pressures on manufacturers. He highlighted the challenges of high energy costs, inadequate infrastructure, and foreign exchange volatility, which limit the competitiveness of local industries against imported goods.
Mohammed Umar, Chairman of the MAN Bompai/Jigawa Branch, commended the resilience and commitment of the association’s members. He noted that despite a challenging operating environment, the meeting provided an opportunity for reflection and strategizing for the future of manufacturing in Nigeria. Umar emphasized the urgent need for reliable and affordable electricity, welcoming ongoing reforms and urging their swift implementation to support industrial growth.
Both Madugu and Umar called for intensified efforts to combat the importation of contraband and substandard goods, which undermine local manufacturers’ investments. They also highlighted MAN’s significant contributions to employment, tax revenue, and corporate social responsibility in Nigeria.