- Title: On independence anniversary, Nigeria seeks to break dependance on imports.
- Date: 30th September 2016
- Summary: LAGOS, NIGERIA (SEPTEMBER 28, 2016) (REUTERS) VARIOUS OF BANNERS OUTSIDE 'MADE IN NIGERIA' EVENT VENUE VARIOUS OF BAGS OF CASSAVA FLAKES VARIOUS OF ELECTRICITY METRES VARIOUS OF NIGERIAN MADE PRODUCTS ON DISPLAY PANEL DISCUSSION AT 'MADE IN NIGERIA' FESTIVAL MODERATOR SPEAKING VARIOUS OF AUDIENCE LAUGHING (SOUNDBITE) (English) MADE IN NIGERIA PANEL MODERATOR, BUKKY OLOWODE, SAYING: "There is a lot of 'Made in Nigeria' work that has been happening. I think what the exchange rate has done is it has forced the mirror on all of us to really look and take a look at our finances. I might say your finances, your personal share of wallet and say if my salary has not increased but the foreign exchange is increasing this means what I can command in forex has definitely changed, so how can I make what I am earning go further? That is what made in Nigeria can do for you, make you go... makes your money go further." (SOUNDBITE) (English) CHAIRMAN, MADE IN NIGERIA FESTIVAL, PRINCE ADESEGUN ONIRU, SAYING: "What we are trying to do here is not just another talk show. We have different sections whereby people in government particularly, our federal government, be it House of Rep, House of Assemblies will be able to take something out of what we are doing here to put some laws, some acts together to make Nigeria a more easier place for everyday person on the street." VARIOUS OF MADE IN NIGERIA MOTOR TRICYCLE (SOUNDBITE) (English) MAINTENANCE ENGINEER, AUTODEX, TOBENNA UMEH, SAYING: "Since the advent of Buhari regime we have been talking about having a Nigerian brand instead of importing, so that brought us to the level of fabricating this locally. If you look at it, this is locally made materials. The concept is that we go to the market where everybody goes to and then we buy what is in the market and use it to make what is used in the country." LAGOS, NIGERIA (SEPTEMBER 29, 2016) (REUTERS) VARIOUS OF BABY WIPES PRODUCTION FACILITY VARIOUS OF MANAGING DIRECTOR, WEMY INDUSTRIES NIGERIA LIMITED PAUL ODUNAIYA TALKING TO A JOURNALIST (SOUNDBITE) (English) MANAGING DIRECTOR, WEMY INDUSTRIES NIGERIA LIMITED, PAUL ODUNAIYA, SAYING: "What we need to do is to change our business model as a country, and also sell outside so we can earn dollars ourselves and that is what Ethiopia does. Kenya does and other countries do. They don't have oil, so they have to... to get their dollars they have to sell what they make into the international market. That is the, that is the secret that is actually the real right module. There are other modules as well but I think modules like exporting what you make, or if you can source some of the things you need locally, source them locally." VARIOUS OF LOCALLY MADE BAGS AND SHOES ON DISPLAY
- Embargoed: 15th October 2016 13:18
- Keywords: Independence Economy Made in Nigeria Diversify Industry Oil Entrepreneurs
- Location: LAGOS, NIGERIA
- City: LAGOS, NIGERIA
- Country: Nigeria
- Topics: Economic Events
- Reuters ID: LVA00151RC4EV
- Aspect Ratio: 16:9
- Story Text:A week long festival dubbed "Made in Nigeria" is promoting the idea that Africa's second biggest economy could look inward to lift itself out of the first recession in more than 20 years.
Everything from cassava flakes to baby wipes and electricity meters made in Nigeria, were on exhibit and there were debates on how to boost local industries like agriculture, manufacturing and entertainment to help plug the gap left by falling oil revenues.
A slump in crude prices, the country's mainstay has continually hammered public finances and made foreign currency scarce.
Nigeria is marking 56 years of independence but is still struggling to break dependence on oil for revenue and imports of everything from milk to machinery.
The government is hoping the Made in Nigeria drive can help free the economy, boost key sectors of the economy and put more money in the hands of ordinary people.
"There is a lot of 'Made in Nigeria' work that has been happening. I think what the exchange rate has done is it has forced the mirror on all of us to really look and take a look at our finances. I might say your finances, your personal share of wallet and say if my salary has not increased but the foreign exchange is increasing this means what I can command in forex has definitely changed, so how can I make what I am earning go further? That is what made in Nigeria can do for you, make you go... makes your money go further," said Bukky Olowode, an entrepreneur who moderated discussions at the event.
"What we are trying to do here is not just another talk show. We have different sections whereby people in government particularly, our federal government, be it House of Rep, House of Assemblies will be able to take something out of what we are doing here to put some laws, some acts together to make Nigeria a more easier place for everyday person on the street," Chairman, Made In Nigeria Festival, Prince Adesegun Oniru.
The poor state of the manufacturing sector in particular has dealt a blow to President Muhammadu Buhari's plans to wean Nigeria off its dependence on crude oil sales, which make up 70 percent of government revenues.
Poor infrastructure, unreliable electricity supply and lack of machinery are some of the hurdles.
But there is hope. Some entrepreneurs have shown resilience by producing even in the tough environment.
"Since the advent of Buhari regime we have been talking about having a Nigerian brand instead of importing, so that brought us to the level of fabricating this locally. If you look at it, this is locally made materials. The concept is that we go to the market where everybody goes to and then we buy what is in the market and use it to make what is used in the country," said engineer, Tobenna Umeh.
A shortage of dollars, could also be good news for homegrown companies which for years have had to compete with vast imports of everything, but only if there is investment and support, analysts say.
Events like Made in Nigeria are also expected to address issues of financing, along with quality control and marketing.
Nigerian company, Wemy Industries has been in business since 1978. It manufactures and supplies 2,000 cartons of baby and adult care products daily.
The company's managing director, Paul Odunaiya says Nigeria can export what it produces but it will take a mind shift in business and in government.
"What we need to do is to change our business model as a country, and also sell outside so we can earn dollars ourselves and that is what Ethiopia does. Kenya does and other countries do. They don't have oil, so they have to... to get their dollars they have to sell what they make into the international market. That is the, that is the secret that is actually the real right module. There are other modules as well but I think modules like exporting what you make, or if you can source some of the things you need locally, source them locally," he said.
Nigeria has a population of over 170 million people. Analysts say the local market alone could already have a huge effect on the campaign to diversify away from oil, as the economy seeks to grow external markets. - Copyright Holder: REUTERS
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