The Nigeria Employers’ Consultative Association (NECA) and the Nigerian British Chamber of Commerce (NBCC), have underscored the critical importance of producing goods domestically for national development.
NECA’s Director General, Mr. Adewale-Smatt Oyerinde, and NBCC’s President, Mr. Ray Atelley, emphasized the necessity for the government to focus on local manufacturing and not neglect this vital sector.
Oyerinde emphasized, “We cannot escape promoting ‘Made in Nigeria’ products if we truly want to address the challenges facing our economy. There is no option for local manufacturing. It must take place. Nigeria must produce what we wear and eat, and we must also export. These are fundamental for national development.”
He further stressed the importance of creating a conducive regulatory and legislative environment to facilitate the operations of legitimate businesses without undue hindrances.
Echoing similar sentiments, Atelley highlighted the pressing concerns of manufacturers, including the high cost of power, scarcity of foreign exchange for importing raw materials and machinery, and the influx of substandard competing goods into the market.
“The cost of power has become almost prohibitive for manufacturers,” Atelley noted. “Additionally, machineries used for manufacturing are predominantly imported, and the influx of substandard goods poses a significant challenge.”
Atelley emphasized the need for government intervention to address these issues, stating, “If government does not provide protection and a manufacturer produces an item at a certain cost, they cannot compete with imported goods sold at lower prices. This puts local manufacturers at a severe disadvantage and threatens their survival.”
The statements from NECA and NBCC underscore the urgent need for concerted efforts to support and promote local manufacturing in Nigeria, recognizing it as a cornerstone of economic growth and development.
