July 13, 2024

Dangote urges govt to reduce imports, bolster local firms, prioritizes power


Adewale Akintaro

Aliko Dangote, Chairman of Dangote Group, has implored the federal government and Nigerians to reduce the country’s dependence on imports and prioritize support for local companies.

The business mogul, speaking on the importance of reducing import dependence, stated that “import dependence is equivalent to importing poverty and exporting jobs.”

Delivering a keynote address at the ongoing National Manufacturing Policy Summit in Abuja, Dangote stressed the need for Nigeria to develop its manufacturing sector and promote made-in-Nigeria products.

He highlighted the necessity of reliable power supply and affordable financing for industrial growth, and called for protective measures for local industries, asserting that “there is no industrialisation without protection.”

The Dangote Group boss also advocated a circular economy model, where economic activities remain within the country, benefiting all sectors of society.

He said, “Industrialisation is an inescapable road to sustainable and inclusive economic growth and human development.”

Dangote’s call was echoed by Vice President Kashim Shettima, who emphasized the need to prioritize local content and promote made-in-Nigeria products, noting that Executive Order 003 which makes the patronage of locally manufactured products mandatory was still in effect.

“Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods. We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.

“I want to assure you that Executive Order No 003, Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect. The relevant government Ministries, Departments, and Agencies are mandated to fully comply with the order,” he declared.

Also, former Minister of Finance, Mr. Olusegun Aganga, urged the government to declare manufacturing a national priority sector, noting that the mere possession of natural resources does not guarantee national wealth.

“What makes a country rich is what it does with its resources,” Aganga said, calling for a shift from peasant farming to commercial agriculture and from artisanal mining to attracting major miners.


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