NIGERIA SPENDS AVERAGE 3BN ANNUALLY ON IMPORTED GOODS

Local manufacturers lose large amount of money because of inability to compete with imported goods and demands from the government.

Nigeria which most individuals refer to as the giant of Africa, spends an average of 3 billion naira when importing goods to the country according to the President of Manufacturer Association of Nigeria (MAN) which in turns makes local manufacturer to lost a large amount of money because they cannot compete with the demand of the government and especially foreign goods.

The President of MAN, Dr. Frank Jacobs; “Undoubtedly, the government remains the largest single spender in the economy and could drive industrial development and economic growth by increasing its patronage of locally made products,”

According to him; ”Government prefers foreign goods and Nigerian manufacturers lose an average of $3bn annually as a result,”

According to him; “It is an established fact that when we buy foreign goods, we pay the returns to factors used in producing them in the originating countries. That is to say that we pay wages, rent, interest, and profit to foreign countries with our local resources.” while speaking at a media parley in Lagos, over the weekend.

Consumer Advocacy Foundation of Nigeria, Founder; Mrs Sola Salako-Ajulo; “Most intriguing is the fact that when we buy foreign goods, we expand the industrial base of the producing country, thereby creating more jobs there, to the detriment of our local economy.”