In the ongoing discourse on Nigeria’s economic future, Senator Ned Nwoko (PDP-Delta) asserted on Monday that strategic import policies must be given prominence to enhance local production and fuel the engine of economic growth.
Speaking in an interview on Monday in Abuja, Nwoko highlighted the crucial lesson of emulating countries like South Korea and India, where early import restrictions paved the way for sustained economic growth. He emphasized the necessity for Nigeria to strive for a comparable trajectory.
‘It is crucial and urgent that we prioritise embracing local production to uplift our declining economy,’ he said.
Acknowledging the reservations expressed by the CBN governor regarding Nigeria’s reported losses of $1.4 billion over eight years due to restrictions on specific items, he contended that this was a relatively minor cost.
According to him, making these sacrifices is crucial to establish the foundation for a more resilient economic future.
‘While these figures stress the need for a nuanced approach, they do not discount the potential for long-term benefits.’
‘For a nation striving to boost its local production and pave the way for a more robust economy, a reported $1.4 billion loss over eight years due to restrictions on certain items is a small price to pay.’
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‘Nigeria needs to ban the importation of non-essential goods to promote local manufacturing and production.’
‘Redirecting funds previously allocated for importing non-essential goods towards supporting and incentivising local manufacturers and entrepreneurs will be pivotal.’
The legislator stressed the need for empowering local manufacturers to compete globally, suggesting that incentives like tax breaks, access to finance, and loans from commercial banks at a maximum interest rate of four percent could play a pivotal role.
Adding to his statement, he expressed confidence that Nigeria, as a nation, possesses all the essential elements for survival and has the capability for robust local production.
‘Rejecting the importation of non-essential goods marks the start of our economic independence.’
‘While there might be initial setbacks and losses, these sacrifices are crucial to establish a strong foundation for sustainable economic growth,’ he added.
Nwoko added that to catalyze economic growth, the government should facilitate banks in lending to businesses at no more than a four percent interest rate, accompanied by tax incentives for the initial five years.
‘Stable and affordable power supply, along with reducing insecurity to the barest minimum, are essential elements that any responsible government must aim to achieve within a reasonable timeframe,’ he concluded.