In a bid to bolster national self-reliance and diminish dependency on imported products, the Minister of Power, Adebayo Adelabu, has highlighted plans for a comprehensive import substitution strategy, emphasising the need for domestic production to fortify the country’s economic resilience.
The minister made this known during his facility tour at Momas Electricity Meter Manufacturing Company Limited (MEMMCOL) on Friday, where he highlighted the benefits of import substitution, including job creation, technological advancement and enhanced economic stability.
Addressing concerns over vulnerabilities stemming from over-reliance on imports, the minister underscored the imperative of fostering indigenous capabilities to promote local manufacturing and innovation.
Adelabu revealed that over 90 per cent of the hardship in the country is attributed to import dependency, noting that when naira loses its value, it becomes expensive to import.
He said: “We will start import substitution by supporting local production, which will reduce dependency on importation by encouraging and supporting our local producers, incentivising and patronising them.”
Adelabu added that by prioritising domestic production over imports, it would strengthen the nation’s industrial base and stimulate sustainable growth amid a global climate of economic uncertainty, fostering self-sufficiency and mitigating external risks.
The minister remarked that Nigeria’s heavy reliance on imports is a significant factor contributing to the depreciation of the nation’s currency.
He further emphasised that President Bola Tinubu’s administration aims to steer the nation towards import substitution, underscoring the importance of supporting and fostering local manufacturers to achieve this objective.
Adelabu said: “Apart from supporting and encouraging them, we must also incentivise them by providing the conducive atmosphere that will enhance their production activity in terms of cost. Another consideration is to be competitive with the imported products, and, lastly, we need to patronise our local manufacturers.
“I’m impressed with what I’ve seen. I’ve seen the production process here, and I can confirm to you that I’m quite impressed with the local content of the products of MOMAS.
“Sincerely, I never believed they had such production technology. Even over 80 per cent of the content is done locally, so I’m quite impressed.”
Chairman, MEMMCOL, Kola Balogun, commended the minister’s initiative to reaffirm confidence in local capabilities during his inspection of their facility, confirming that they possess the necessary resources to contribute significantly to Nigeria’s manufacturing sector, while meeting local demands in terms of volume.
