2023 fossil fuels deadline will strongly affect Nigeria’s economy – MAN

The 2035 deadline to eradicate fossil fuels will strongly affect Nigeria’s economy, the Manufacturers Association of Nigeria has said.

President of MAN, Mansur Ahmed, said this at the association’s 15th annual general meeting and public lecture on Wednesday in Akwa Ibom.

Fossil fuels are hydrocarbon-containing materials formed naturally in the earth’s crust from the remains of dead plants and animals extracted and burned as fuel — coal, oil and natural gas.

Ahmed said the transition, which is a good development, had a deadline that was too short for Nigeria to develop strategies to boost production for export.

“One of the measures that will gradually be adopted globally is the complete stop of production of cars and engines that are powered by fossil fuels. In Europe, they have pegged the date by 2035. Other nations from other continents are following the same direction,” he said.

He added, “In not a distant time, this will lead to a price crash of fossil fuels that will be close to $3 to $5 per barrel. It will seriously affect Nigeria’s monolithic economy.”

Ahmed also said manufacturers remained the backbone of any economy, adding that it was discouraging for them to be faced with multiple taxations.

“The manufacturing sector has been acknowledged as the highest contributor to the job and human creation through development and technology transfer. It is necessary that the federal and state governments, together with their agencies, work in synergies, carrying along relevant stakeholders in fashioning appropriate strategies to improve and stabilise the economy,” he said.

“There should be a partnership between the federal and state governments for the total rehabilitation of roads to aid the movement of goods and services and therefore encourage industrial development.

“There should be harmonisation of taxes especially, local government and roads-related levies to aid ease of compliance by MAN members and end the possibility of exploitation and harassment by government officials.”

He also urged the Federal Government to prioritise the allocation of foreign exchange and consider slashing the cost of diesel to manufacturers.