‘NIGERIA FIRST’ POLICY COULD SKYROCKET GDP BY 56% — MAN
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By Oduola F.A.
The Manufacturers Association of Nigeria (MAN), the Lagos Chamber of Commerce and Industry (LCCI), and the Centre for the Promotion of Private Enterprise (CPPE) have praised the Federal Government for introducing the “Nigeria First” policy directive, which prioritizes the patronage of locally made goods and services and promotes local content development.
In separate statements to newsmen, the groups noted that the policy would enhance manufacturers’ capacity utilization and aid in conserving the country’s foreign exchange reserves.
Director General of MAN, Mr. Segun Ajayi-Kadir, said the initiative is a definite demonstration of the government’s commitment to promoting local industries, boosting economic growth, and creating jobs for Nigerians.
“By giving preference to locally produced goods and services, we can stimulate demand, increase capacity utilization, and attract investments into the manufacturing sector.
“MAN believes that this policy will have a multiplier effect on the economy, leading to increased economic activity, improved GDP growth, and enhanced competitiveness of Nigerian industries.
“Furthermore, the effective implementation of such an initiative, as should be stipulated in the consequential executive order, would scale investments and potentially boost GDP by 56%, reduce unemployment by 37% and increase firms’ willingness to employ from 1.5% to 22.6%,” Ajayi-Kadir stated.
On his part, Chief Executive Officer of CPPE, Dr Muda Yusuf, stated: “This is a very commendable policy. One of the ways we can help the revitalization of the economy is to patronize goods and services made locally. It helps to boost our GDP, it helps to create more jobs. It has very considerable multiplier effects and it helps to conserve foreign exchange.
“So there are a whole lot of benefits if we can improve on patronage of what is produced domestically. Procurement policy of the government is one of the most effective ways to drive domestic or to drive patronage of goods that are produced domestically. And this policy should not just be at the federal level, it should also be at the state levels. But clearly I think it’s a good thing that the federal government is taking the lead. It’s a very good example and it’s something that is a welcome development.
“We need to broaden the scope of this policy beyond procurement. We should broaden it to cover some elements of trade policy. So that you can have some measure of protection for our manufacturers.”
Also commenting, Director General of LCCI, Dr Chinyere Almona, while commending the intent of the policy warned that it must not be used to promote monopolies or proliferation of substandard products.
Almona stated: ”Strategic protection must be accompanied by initiatives that promote quality assurance and market expansion. The promotion of local content should not result in monopolies or the proliferation of substandard products. Quality control mechanisms and consumer rights must be safeguarded at all times.
”The Nigeria First Policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs.
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