Managing Director of Nigeria Export Import Bank (NEXIM Bank), Bashir Wali, has said that local manufacture of essential commodities in Nigeria has the potential to reflate the economy.
Wali, who made this known while speaking exclusively with The Guardian in Abuja, said that more Nigerians need to embrace the manufacturing sector of the economy. “Nigeria’s manufacturing sector has great potentials to contribute to increased revenue for the country, especially if trade is facilitated with good transportation system.Nigerians need to embrace this sector,” he said.
The bank chief stressed that manufacturing of goods, sale or distribution in the country and within the sub-region prevents capital flight. He added that it also promotes regional trade and offer employment opportunities to various levels of skilled and unskilled workers.
Attesting to the dominance of made-in-Nigerian household commodities in neighboring West African countries and in Central African Republic, Wali said vast majority of household and essential commodities sold in those regions are made in Nigeria. According to him, the range of products made in Nigeria but enjoying big patronage in other African countries include cement, toiletries, noodles,beauty products,dairy products,textiles,pharmaceuticals,foot wears, plastic chairs, among many others made locally in the country. He said:”If you go to most countries in the West African region, even up to Central Africa, you will be amazed to find out that a good number of manufactured products sold in their markets are products proudly made in Nigeria.
“I was recently in Congo for instance, and what I saw was so surprising. More than 80 per cent of the products on sale there were made in Nigeria. You name it, the indomie noodles, sugar,salt,plastics,even pharmaceuticals products that are made here in Nigeria were on sale everywhere in their markets.”
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