MAN hinges sustenance of economic recovery on local patronage
President, Manufacturers Association of Nigeria (MAN), Dr Frank Udemba Jacobs has hinged the sustenance of Nigeria’s economic recovery on corporate social responsibility (CSR) and corporate patriotism.
Dr Jacobs, who spoke on the theme: “Corporate Governance and Economic Sustainability in Nigeria: A case for Made-in- Nigeria products”, at the Executive Breakfast meeting of the Society for Corporate Governance Nigeria (SCGN) in Lagos, said corporate patriotism through improved patronage of locally manufactured products would facilitate industrial development and economic growth.
According to him, corporate organizations in Nigeria can enshrine corporate patriotism in their Corporate Governance Statement especially in ensuring that all corporate procurements give first-line consideration to locally manufactured products before looking outward for importation of products that are not available locally and which do not have local substitutes.
“In doing this, they will contribute to the growth and development of all facets of the economy, industrial, financial and government sectors, which will entrench economic sustainability in the country”, he said.
Describing corporate patriotism as s love for one’s country, the MAN President said, evidence has shown that organizations function more efficiently when they are system-based, that is, if the various sections and departments recognize their mandates, roles, deliverables, processes and procedures and are unified in pursuing the organizational goals.
He stressed that the theme was apt and relevance especially at a time when MAN is leading a coalition of Business Membership Organizations within the Organized Private Sector on an ongoing strategic campaign aimed at enlightening and mobilizing support for patronage of Made-in- Nigeria products.
He stressed that corporate organizations need to enshrine in their corporate governance procedures and policy, provisions that would support patronage of Made- in-Nigeria products.
An economy, he said, will function better if all economic participants see the development and sustainability of the economy as a unified goal and play supportive roles to achieve it.
“Specifically, corporate organizations can support economic sustainability in the country through passionate Corporate Governance, Corporate Social Responsibility and Corporate Patriotism.
“This can be achieved by tilting corporate expenditure (expenditure on materials inputs, locally manufactured goods, tourism and leisure, medical holidays, where possible) preferentially towards local patronage.
“This will no doubt have positive multiplier-effect on all sectors and facets of the Nigerian economy; thereby leading to economic sustainability in the country”, he said.
Dr Jacobs said corporate patriotism, unified macroeconomic objectives, industrial linkages and resource-based industrialization are some strong reasons for organizations to create and imbibe the culture of corporate governance that would promote the patronage of Made-in-Nigeria products.
According to him, the major macroeconomic goal of the Nigerian Government is to maintain and sustain significant economic growth and creates gainful employment for Nigerians.
“Corporate organizations will meaningfully contribute to achieving this objective if they patronize Made-in-Nigeria products, while the benefiting companies, will naturally be financially strengthened and this would lead to expansion in their volume of activities and an increase in their employment.
“ It will also generate more income to the Government, while Inter-industry patronage of locally manufactured products (finished and intermediate goods) would help to strengthen the growth of local industries and galvanize domestic inter-industry cooperation to improve local raw-materials and intermediate goods utilization”, he added.
He therefore called on Corporate organizations to patronize each other as a way of boosting the economy, while government should encourage Nigerians to change their orientation towards locally made products by looking at them more positively.
Earlier, Chief Executive Officer of the Society for Corporate Governance Nigeria, Mrs. Hilda Nkor said the meeting was aimed unveiling the relationship between corporate governance and economic sustainability as well as the promotion of the utilization of socio-economic resources to their best advantage and the use of these resources in an efficient and responsible manner that provides long-term benefits and establishes profitability for a business.