By Abubakar Yunusa
Manufacturers have expressed strong interest in the ongoing Dangote Petroleum Refinery and Petrochemicals Initial Public Offering, even as they raised concerns over multiple taxation, high energy costs and other challenges threatening the competitiveness of local industries.
The manufacturers, under the aegis of the Manufacturers Association of Nigeria, thronged the Dangote Group’s pavilion at the 54th Annual General Meeting of the Kano-Jigawa branch of MAN to seek information and clarification on the refinery’s IPO.
The three-day AGM ended on Thursday.
The Dangote Group representative engaged participants who showed keen interest in the ongoing offer, which provides Nigerians and other eligible investors an opportunity to buy shares in the refinery and become part-owners of the industrial project.
The Dangote Refinery Peoples’ IPO runs from September 14 to October 13, 2026.
Dangote Industries Limited is one of the sponsors of the 54th MAN AGM.
The development came against the backdrop of growing concerns among manufacturers over the rising cost of doing business in Nigeria.
In his opening remarks, the Chairman of the MAN Sharada/Challawa Branch, Alhaji Nura S. Madugu, highlighted the mounting burden of multiple taxes, levies and charges imposed on manufacturers.
He warned that the situation was increasing production costs and undermining the competitiveness of local industries.
Madugu urged the Kano State and Federal Governments to ease the tax burden on manufacturers and accelerate the harmonisation of taxes and levies imposed on businesses.
He particularly criticised double and multiple taxation, saying manufacturers were already struggling with high energy costs, inadequate infrastructure, expensive financing, insecurity, foreign exchange challenges and competition from imported goods.
> “We are especially concerned about instances of double and even multiple taxation, where the three tiers of government impose what is essentially the same levy under different names and different guises.
> “This practice places our products at a serious disadvantage in their constant competition with imported goods, a disadvantage made worse by the high cost of alternative power supply and the volatility of the foreign exchange rate.”
Madugu said manufacturers remained major contributors to employment and government revenue despite the difficult operating environment.
He noted that manufacturers contribute through Value Added Tax, Pay-As-You-Earn, Withholding Tax, Education Tax, Tertiary Education Tax, Company Income Tax and other levies.
> “We provide employment to thousands of Nigerians. We participate actively in tax revenue generation for the states and the federation through the deduction of Value Added Tax on our products, the remittance of Pay-As-You-Earn on behalf of our staff, and the payment of Withholding Tax, Education Tax, Tertiary Education Tax, Company Income Tax, and a whole host of other levies too numerous to mention individually.”
He added that manufacturers also discharged their corporate social responsibilities in communities where they operated.
> “Even though what we receive in return remains modest, we continue, in strength and in good faith, to serve this nation and to hold up its economy.
> “We do this because we believe in Nigeria and in Kano State. But it must be said plainly.”
Also speaking, the MAN Chairman, Bompai/Jigawa Branch, Mohammed Bello I. Umar, commended members for their resilience, commitment and continued investment in the Nigerian economy.
Umar said the AGM provided an opportunity for members to review the association’s activities, assess challenges confronting their businesses and chart a stronger course for the future of manufacturing.
He, however, said the sector remained under serious pressure.
According to him, high energy costs, multiple taxes and levies, inadequate infrastructure, expensive financing, insecurity, foreign exchange challenges and unfair competition from imported goods continued to undermine manufacturers’ competitiveness.
Umar also raised concerns over the importation of contraband and substandard goods.
He said such products undermined local manufacturers who invested heavily in production, employment and compliance with government regulations.
“We must therefore stand together and call for stronger enforcement at our borders and markets,” he said.
Umar stressed that reliable and affordable electricity remained critical to industrial development.
He welcomed ongoing electricity reforms and efforts by the Kano State Government and the State House of Assembly to establish a more effective electricity framework for the state.
He called for the swift implementation of reforms that would create a reliable, competitive and affordable electricity market for industries.
The MAN chairman said manufacturers would continue to provide employment, generate wealth, support local communities and contribute significantly to government revenue.
He urged relevant government agencies to intensify the fight against smuggling, counterfeiting and the importation of goods that unfairly compete with locally manufactured products.
Meanwhile, the interest shown by manufacturers in the Dangote Refinery IPO at the AGM highlights the growing attention being paid to opportunities for Nigerians and businesses to participate in major industrial investments.
The IPO, which runs until October 13, offers eligible investors an opportunity to acquire shares in the Dangote Petroleum Refinery and Petrochemicals and participate in its future growth
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
