UNIDO Seeks FG Support for Local Manufacturers to Boost Economic Growth
The United Nations Industrial Development Organisation (UNIDO) has urged the Federal Government to support indigenous manufacturers to enhance production of made-in-Nigeria goods, which will in turn boost economic growth and development.
The organisation noted that there is need to support local manufacturers/MSME and start-ups who are involved in production, noting that over the years, Nigeria has been growing other countries’ economies through over-dependence on imported goods, especially those which have local substitutes.
The UNIDO Regional Director for West and Central African regions, Ambassador Jean Bakole, who made the remark in Lagos at a three-day Made-in-Nigeria Exhibition (MANEXPO) 2023, said Nigeria can easily experience a breakthrough in the quest for local content development and a stable, strong and advanced economy if Nigerians would encourage local production and patronise made-in-Nigeria products.
Mr Bakole said Nigeria, as a leading economy in Africa, was expected to make steady progress through inclusive and sustainable industrial development.
He said to achieve this, support for local manufacturers, micro, small and medium enterprises (MSMEs) and start-ups involved in producing made-in-Nigeria goods was pertinent.
“Yet, Nigeria can easily experience a breakthrough in the quest for local content development if Nigerians will encourage and patronise made-in-Nigeria products.
“It is a well-known fact that the economy of any nation grows rapidly when locally made goods are promoted through patronage, first by its people, then through export,” he said.
“Over-dependence on importation of goods weakens the currency, creates unemployment and consistently reduces the GDP. On the other hand, local production will promote gainful employment for Nigerians and will reduce the dependence on the consumption of foreign products and reduce poverty.
The government of Nigeria is showing greater interest and providing more support for local production to encourage the growth of local industries. The intervention of the Federal Government in developing local industries will result in a boom in the growth of local businesses.
“Thus, local production of various goods is beginning to gain grounds and the materials produced locally can compete favourably with the imported ones. Nigerians are increasingly using products branded made-in-Nigeria.
“This development will no doubt attract several benefits to the country including an increase in its GDP, generation of employment opportunities and reduction in the cost of production. Therefore, government should sustain the tempo through appropriate policies, provision of basic infrastructure (energy, roads, etc) and other key incentives as well as effective continued support to MAN and its members.
“Therefore, the government should sustain the tempo through appropriate policies, provision of basic infrastructure and other key incentives and continued support to MAN,” he said.
Also Francis Meshioye, MAN president, said the exhibition was designed to showcase the strength of Nigeria’s manufacturing sector and boost patronage of made-in-Nigeria products.
Mr Meshioye acknowledged the contributions of some government policies aimed at improving local content development and patronage, including Executive Orders 003 and 005, adding that there was need for the new administration to focus on deepening domestic production and patronage of made-in-Nigeria products.
He said MAN remains focused and committed to its advocacy for a conducive business environment and specific targeted policies that will support the patronage of Made-in-Nigeria products. Indeed, MAN’s commitment to promoting local content development remains a strategic cornerstone for revitalizing our struggling economy.
“MAN reaffirms its commitment to the promotion of high quality and competitive Made-in-Nigeria products. I therefore urge all our members to continue to innovate and upgrade their manufacturing processes and product standards to foster increased competitiveness. This is particularly crucial in light of the potential advantages that the African Continental Free Trade Area agreement presents for the manufacturing sector.
