Grapevine

Manufacturers seek tax relief amid declining sales

He stated that manufacturers were burdened by numerous taxes across the three tiers of government and hoped government action would bring relief to the sector.

“Currently, manufacturers pay anywhere between 60 and 120 different taxes from the three tiers of government. If that is reduced to below 10, it will be a huge relief for us,” Ajayi-Kadir asserted.

Manufacturers are concerned about their financial stability after revealing that the value of their unsold finished goods inventory surged by 42.93 percentage points in the first half of 2024 to N1.24tn from N869.37bn in 2023.

Ajayi-Kadir expressed optimism over the recently introduced withholding tax regime, describing it as a much-needed relief for manufacturers and businesses across the country.

He hailed the development as a positive step, particularly for small and medium-scale industries.