Thursday, 27th January 2022
<To guardian.ng
Search
Breaking News:

Government to boost local products patronage for self-sufficiency

By Mathias Okwe and Chuka Odittah, Abuja
21 July 2016   |   2:47 am
Minister of Budget and National Planning, Senator Udoma Udo Udoma has said that the Federal Government will soon unveil a policy that will galvanize national support for made-in-Nigeria products.
Senator Udoma Udo Udoma PHOTO: REUTERS/Stringer

Senator Udoma Udo Udoma PHOTO: REUTERS/Stringer

Minister of Budget and National Planning, Senator Udoma Udo Udoma has said that the Federal Government will soon unveil a policy that will galvanize national support for made-in-Nigeria products. This will strengthening the economy and positioning the nation for self sufficiency.

Udoma who stated this in Abuja while inaugurating the Joint Planning Committee (JPC) for the 22 Nigerian Economic Summit, in Abuja, said also that this year’s Nigeria Economic Summit will hold in October, with the theme “Made-in-Nigeria.”

The minister said the summit will be used to galvanize support from stakeholders on the need to commit to the structural and fiscal changes required to strengthen the Nigerian economy which, he said, starts with changing the orientation in consumption pattern of Nigerians, by shifting their mindset and preference for anything foreign to patronizing made-in-Nigeria products.

Although he acknowledged that there are challenges in promoting Made-in-Nigeria products because of quality and standard issues, he said Nigerians must accept to patronize locally made goods,saying that “we have the ability in Nigeria to make products of the highest quality”.

Udoma explained that by encouraging patronage, manufacturers will be challenged to invest in technology required to improve quality of production to international standard.

“We are therefore calling on all our economic agents to re-consider buying Nigerian made goods and services first before considering imported products.”

Speaking on the essence of the summit, Senator Udoma said many of the reform policy initiatives that have underpinned the evolution of the country’s growth strategies in the past 23 years were strongly influenced by debates and deliberations during the summits.

Recalling that last year’s summit focused on the tough choices required to achieve competitiveness, inclusive growth and sustainability, he said many of the recommendations made by the summit were reflected in the 2016 Budget and the Strategic Implementation Plan for Budget 2016.

He therefore enjoined the planning committee to take cognizance of the current administration’s commitment to re-positioning of the economy, creating jobs, as well as supporting the vulnerable groups.

Vice chairman of the Board of Directors of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, added that this year’s edition of the Summit is expected to convey the need for Nigerians to urgently commit to structural and fiscal changes which will enable the leverage of market size and turn our consumption pattern from negative economic impact into being an asset through assuring a focus on “Made-in-Nigeria.”

“The key thrust would be to facilitate stakeholders’ discussions and agreements on the practical issues, opportunities, policies and regulations needed to allow “Made-in-Nigeria” effectively and quickly succeed. NES#22 will also work out the strategy to achieve self-sufficiency and value-addition capacities in several products in manufacturing and services in the shortest possible time”, he added.

Reviewing the last summit, Ighodalo said recommendations were targeted towards issues of foreign exchange stability, reinvention of public institutions, investment in social services and economic infrastructure, skills development, and enabling business environment through legislative efficiency, economic diversification, as well as an alternative approach to financing government Joint ventures