Index to Nigerian Newspapers

How to Save N3.04tr Material Imports, by MAN, Others

Manufacturers in Nigeria have called on the Federal Government to increase efforts in local raw material development and utilization to revitalize the industrial sector. The Manufacturers Association of Nigeria Director-General, Segun Ajayi-Kadir, highlighted the N3.04 trillion spent on raw material importation in 2023, highlighting the country's heavy reliance on imported raw materials. Experts have linked the surge in imports to naira devaluation, leading to inflated import costs in naira terms. Ajayi-Kadir emphasized the urgency of implementing measures to reduce the country's reliance on imported products and raw materials by providing incentives for investment in backward integration and local sourcing. He also called on the government to prioritize the patronage of made-in-Nigeria products for government contracts and projects. The Raw Materials Research and Development Council Director General, Prof. Nnanyelugo Ike-Muonso, emphasized that the proposed Raw Materials Processing and Local Production and Protection Bill will address manufacturers' challenges in raw material sourcing.

OKEREOCHA, Chikodi | 1.Industrial policy--Nigeria 2.Import substitution--Nigeria | The Nation | Monday, December 16, 2024