Govt Plans To Improve Local Industries, Bans Imported Goods

The Federal Government has unveiled plans to ban the importation of goods being produced in Nigeria, as part of a deliberate policy to protect local industries, boost their productivity and create more job opportunities for Nigerians.

The Minister of Trade and Investment, Olusegun Aganga, stated this during a facility visit of an Innoson Vehicle Manufacturing Plant and Innoson Industrial Plastic Plant in Enugu and Anambra states yesterday.

He said that the new initiative was part of the National Industrial Revolution Plan of the Federal Ministry of Trade and Investment aimed at repositioning the manufacturing sector in line with President Goodluck Ebele Jonathan’s Transformation Agenda.

“As a country, we have a large market comprising 167 million people.  What this means is that local patronage is very important to us as a country because we must take advantage of our large market to drive our Industrial Revolution Plan, reduce foreign exchange spent on importation of goods from other countries and create more jobs for our people.

In Nigeria, if two companies apply to supply a product, if one is producing that product and the other is importing it and the price differential between the company importing the product and the Nigerian company producing it is 15 per cent, then the contract will go to the Nigerian company.

“Anambra State has the highest concentration of industries in Nigeria. So, we will work together with the Ministry of Trade and Investment to provide the conducive environment to support industrialization,” Obi said.

Source: Legit.ng