UNIDO advocates support for local manufacturers

The United Nations Industrial Development Organization (UNIDO) has urged the Nigerian government to bolster indigenous manufacturers, promoting the production of locally-made goods that can stimulate economic growth and development.

UNIDO emphasized the importance of supporting local manufacturers, micro, small, and medium enterprises (MSMEs), and startups engaged in domestic production. The organization highlighted that for years, Nigeria’s economy has been supporting other nations through an overreliance on imported goods, even when local alternatives exist.

Ambassador Jean Bakole, the UNIDO Regional Director for West and Central African regions, made these comments during the three-day Made-in-Nigeria Exhibition (MANEXPO) 2023 in Lagos. Bakole asserted that Nigeria could achieve a significant breakthrough in local content development and establish a stable, robust, and advanced economy if Nigerians actively encourage domestic production and embrace made-in-Nigeria products.

He emphasized that as a leading African economy, Nigeria is expected to make consistent progress through inclusive and sustainable industrial development, an objective that hinges on robust support for local manufacturers and producers. Bakole stressed the economic benefits of promoting locally-made products, not only for the nation’s citizens but also for potential export opportunities.

He noted that excessive reliance on imported goods weakens the national currency, leads to unemployment, and consistently reduces the GDP. In contrast, prioritizing local production can lead to substantial job creation, reduce dependence on foreign products, and alleviate poverty.