Why Nigerians need to buy local products

Made-in-Nigeria sports utility vehicles

Made-in-Nigeria sports utility vehicles

Corporate Institutions across Nigeria are embarking on mass retrenchment of workers amidst fresh graduates entering the job market by mid-June  which is coming on the heels of predictions from the Central Bank of Nigeria (CBN) that the Nigerian economy was about to slip into a recession. These are tell-tale signs that the Nigerian economy needs urgent attention, not a “quick fix” but a corrective and long-term solution that would stand the test of time as the global oil prices keeps fluctuating so very rapidly.

Some analysts have argued that the woes of our economy began shortly after the commercial exploration of oil in 1958, that perhaps we had contacted the Dutch disease and became more obsessed with the sweet crude without any premonition that these new “sweetness” would be short-lived with the discovery of renewable energy sources, global oversupply of oil and gross mismanagement leading to oil price instability, environmental degradation and acute corruption which would further enervate rather than develop our economy.

We neglected the need to save for the rainy day while the oil boom lasted and developed a compulsive taste for foreign made goods. First, we had to import gas turbines to build our refineries and next we began to import refined petroleum; spoons, pens, handkerchiefs and toothpicks. We became unduly conversant of the current dollar rate as bureau de change agents sprang up at strategic locations in our commercial cities.

Custom officials had a tedious time clearing our congested ports and gradually our economy began to bleed but we didn’t feel the pain; we had a painkiller – 6th largest oil producer in the world. Sooner or later some public officials joined the trend and found foreign banks to be more viable for doing business where they could stealthily pile away public funds into fictitious accounts to acquire luxury properties thereby fostering money laundering– a behemoth that halted our growth and is hurting our nation.

When we ignore our pains they may subside for a while but yet they must be treated. Today, our economy seeks urgent treatment as the lower preference for locally produced goods has led to a high inflation rate of 15.6 per cent, unpaid salaries and mass unemployment. We must now develop new consumption behaviours to buy Nigerian branded products such as the quality footwear showcased at the recently concluded Made-in-Nigeria-Shoe-Expo, Abuja 2016.

Indeed, now is the time to return from our prodigal journey, renew our commitment to support local manufacturers, consume what we produce and build an export-driven economy that would truly withstand the capricious nature of global oil prices.

In this article:
Local products

  • johnson

    Just because you want Nigerians to buy home made goods that was why all this big English. Let all this start from the top then Nigerians will adapt to the system. When PMB can go to UK for a mere ear problem spending pound sterling what example is he suggesting to Nigerians. When National assembly is buying SUV cars for their enjoyment what do you want Nigerians to do. Who allows all this foreign goods into the country directing custom dept to clear the goods immediately when we know we have them in Nigeria. Who is to blame. Whatever a man sowe’th so he shall reap. I beg leave all this grammar and let us do the right thing even for once.

  • emmanuel kalu

    good leadership and increase demand of locally produced goods, is the only solution for Nigeria. Right now, we don’t have any of those two quality. poor leadership is when our president travel abroad for everything. it is when NASS doesn’t purchase locally made vehicle, or mandate that all MDA only use locally produced goods. The government is the biggest consumer in any country, if our government demand locally produced goods, our industrial sector would improve.

  • nana

    Dear Jacob the; writer of this article, who is this article for? Maybe for social studies class in primary school or for economics class in secondary school. Because I know you are not directing this article to the educated, working class nigerians who can afford to buy the newspaper or pay for internet to read this your article. this article reads like a bedtime story that has been told over and over and over again. Please stop writing this way .

    write something new that we dont already know and if you may, write practical solution based articles telling the Nigerian populace what bill they should pressurize their senators to push or to not support. tell us inside gist of the Nigerian politics and how ordinary citizens can be part of decision making or decision installing.

  • evaristus udeani

    We have to restructure this country to make any meaning progress. A country where one section of this country has the monopoly of heading all the strategic posts in this country and all of them are Moslems is very worrisome.
    The irony is that they do not contribute any thing to the growth of our economy and the production of any services relevant to the growth.
    Are we caused as a Nation ? Abuja Declaration is gradually having a grip on the Nation and we still remain adamant and docile.