Over-Reliance on Imports Draining Nigeria’s Economy, says UNIDO Director

• The UNIDO Regional Director for West and Central African regions, Jean Bakole, has emphasized that Nigeria’s heavy reliance on imported goods, including those with local alternatives, has bolstered other countries’ economies
• Bakole urged Nigerians to promote and buy made-in-Nigeria products, as this would stimulate local manufacturing, create employment opportunities, and reduce reliance on foreign products

Mr. Jean Bakole, the UNIDO Regional Director for West and Central African regions, has pointed out that Nigeria’s excessive dependence on imported goods, especially those with local alternatives, has inadvertently bolstered other countries’ economies.

This statement was made in Lagos during the opening of the Made-in-Nigeria Exhibition session at the 51st Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN).

Bakole emphasized that given the current economic conditions in Nigeria and across Africa, it is high time for Nigerians to shift their preference towards locally produced goods and services to stimulate local manufacturing and foster economic growth.

He stated, “Nigeria can readily achieve a breakthrough in local content development and establish a stable, robust, and advanced economy if Nigerians actively promote and buy made-in-Nigeria products. It is widely acknowledged that a nation’s economy experiences rapid growth when domestically produced goods are endorsed, primarily by its citizens and subsequently through export. Over-reliance on imports weakens the currency, leads to unemployment, and consistently diminishes the GDP.”

Furthermore, Bakole highlighted that domestic production would contribute to substantial employment opportunities for Nigerians and reduce reliance on foreign products, alleviating poverty.

MAN President, Otunba Francis Meshioye, called on the government to take immediate steps to encourage the use of Made-in-Nigeria products within government ministries, departments, and agencies (MDAs). He suggested designating a “Proudly Nigeria Day,” during which individuals and MDAs would be encouraged to wear locally-made outfits and prioritize purchasing products of Nigerian origin.