MAN Urges Nigerian Government to Support Locally-Made Products to Ease Forex Demand
Detailed Summary:
The Manufacturers Association of Nigeria (MAN), through its president Otunba Francis Meshioye, has called on the federal government to actively promote Nigerian-made products to alleviate the strain on the foreign exchange (FX) market. This appeal was made during the 4th Adeola Odutola Lecture and MAN’s 52nd Annual General Meeting in Lagos.
Meshioye highlighted the significant impact that increased consumption of locally-produced goods could have on Nigeria’s economy. By shifting consumer preference towards homegrown products, the country could reduce its dependence on imported goods, thereby easing the demand for foreign currency and stabilizing the naira. This change, MAN argues, would also boost job creation, enhance GDP, and improve the standard of living for Nigerian citizens.
Meshioye stressed that government-backed initiatives to support local industries would not only improve investor confidence in Nigeria’s economy but also strengthen the resilience of domestic businesses, making them more competitive in the global market.
Detailed Summary:
The Manufacturers Association of Nigeria (MAN), through its president Otunba Francis Meshioye, has called on the federal government to actively promote Nigerian-made products to alleviate the strain on the foreign exchange (FX) market. This appeal was made during the 4th Adeola Odutola Lecture and MAN’s 52nd Annual General Meeting in Lagos.
Meshioye highlighted the significant impact that increased consumption of locally-produced goods could have on Nigeria’s economy. By shifting consumer preference towards homegrown products, the country could reduce its dependence on imported goods, thereby easing the demand for foreign currency and stabilizing the naira. This change, MAN argues, would also boost job creation, enhance GDP, and improve the standard of living for Nigerian citizens.
Meshioye stressed that government-backed initiatives to support local industries would not only improve investor confidence in Nigeria’s economy but also strengthen the resilience of domestic businesses, making them more competitive in the global market.