Local firms to gain protection from unfair competition

From AUGUSTINE OSAYANDE in Abuja, Nigeria
ABUJA, (CAJ News) – PRESIDENT Muhammadu Buhari has pledged to shield Nigerian manufacturers from unfair competition posed by foreign counterparts.

According to Femi Adesina, Special Adviser to the President on Media and Publicity, this would be attained through the implementation of essential reforms.

“We will no longer allow our markets to be flooded with things we can produce ourselves. We must believe in our system. Whenever you need my intervention at anytime, please come to me,” Buhari is quoted as saying in a meeting with the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Abdulkadir Musa and senior officials of
relevant agencies.

Adesina added that the President said that his administration would fully support the effective implementation of the plan evolved by the Ministry to boost local manufacturing through legal, regulatory and structural reforms, lower interest rates, special intervention funds, protection of local manufacturers and significant improvements in national infrastructure.

“We will create the environment for them to thrive. Generating employment was one of our key campaign promises and we will keep that promise. We will shun all anti-development policies, and make the climate more suitable for entrepreneurs,” said Buhari

Meanwhile, Musa and his team told the President that the objective of the Ministry’s Industrialisation Plan was to create more jobs, diversify exports and broaden the country’s tax base.

They said that the plan’s critical success factors included dialogue and consultation with industry stakeholders, essential reforms and greatercollaboration among relevant agencies.

– CAJ News

Short URL: http://cajnewsafrica.com/?p=6697

Posted by on Jul 10 2015. Filed under Africa & World, Investing, Investing, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

CAJ News Sponsored Links

Commonwealth Technology Organisation

Connect to CAJ News on Facebook

Subscribe to our Newsletter

Photo Gallery

Log in
All material © CAJ News Africa. Material may not be published or reproduced in any form without prior written permission.