Nigeria’s dependence on imported products causes poor investment

Nigeria's heavy dependence on importation of manufactured products has contributed to poor investment linkages and low industrial productivity, a top official said on Monday.

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Minister of State for Industry, Trade and Investment Aisha Abubakar, said in Abuja that the country’s economy had enormous potential to become Africa’s trade hub and the largest market in West Africa, considering its human and natural resources.

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She regretted that the country had yet to harness these potential for a meaningful economic growth and development.

According to her, the economy relies heavily on importation of manufactured products, such as foods, beverages, textiles, leather and leather products, cosmetics, cables, and detergents, running to billions of U.S. dollars annually.

The minister said this trend has prevented Nigerian products from competing favorably with foreign products in terms of quality and price, hence Nigerians’ penchant for foreign products.

She said the country should look inward to utilize the existing human and natural resources for employment generation, wealth creation, poverty reduction and increased foreign exchange earnings.

Abubakar added that the government had put in place several initiatives aimed at creating a robust business environment for Nigerian industrialists. Enditem

Source: Xinhua

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