‘How home-base businesses can boost Nigeria’s economy’
In line with the recommendation of Lagos Chamber of Commerce and Industry (LCCI) that entrepreneurs in the country should begin to look inward for their raw materials in order to survive the prevailing economic crisis, an indigenous soft furnishing company, Rosemary’s Limited, has increased the amount of local content contained in its production of various products.
The company made a U-turn from its hitherto production mix when over 65 per cent of its raw materials were sourced from abroad.
The LCCI recently gave a verdict on the strength of Nigeria’s economy with a submission that the past one year was characterised by severe decline; a development that was not good for the small and medium scale enterprises in the country.
The LCCI in a report titled: “The Economy After One Year of Buhari’s Administration” explained that the woeful outcome of the nation’s economic performance was the result of “the absence of well structured, broad-based and synergized economic blueprint with clearly stated goals, plans, policies and strategies to drive the economy.”
The report stated that the economic space remained unclear, and policy conception faulty, hence, policy coordination and implementation suffered serious setback.
The report also stated: “There is, therefore, urgent need for central policy strategy with detailed and well-designed policy direction. This is critical to effective and efficient coordination and implementation of policy.”
In the report, the City Chamber stated that the official exchange rate of the dollar to the naira, in May 2015, was $1 exchanged for N197.9, while in 2016 a dollar is N199, but in the parallel market, according to the Chamber, a dollar was N219 in May 2015 but depreciated to about N350 in May 2016.
Mrs. Ezinne Kufre-Ekanem, the chief executive officer of Rosemary’s Limited disclosed that the prevailing economic situation spurred her team to increase the amount of local content contained in its production of various products.
Unlike before when the company used to source over 65 per cent of its raw materials from abroad, Kufre-Ekanem said the company now use more of local content to meet its production requirements.
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