Emmanuel OchayiIn a bid to address the ongoing forex crisis gripping Nigeria, Governor Godwin Obaseki of Edo State has emphasized the need for strategic fiscal policies aimed at stimulating local manufacturing and bolstering exports of Nigerian-made products.
Speaking during a visit by the National President of the Manufacturers’ Association of Nigeria (MAN), Francis Meshioye, Governor Obaseki stressed the pivotal role of manufacturers in steering the country’s economy towards self-sufficiency.
Join our WhatsApp Channel“We must consume what we manufacture in this nation because we don’t have foreign exchange,” Governor Obaseki asserted, highlighting the urgency of shifting away from heavy reliance on imported goods.
He emphasized the importance of creating an enabling environment for local industries to thrive, advocating for policies that promote manufacturing and discourage the importation of goods readily producible within Nigeria’s borders.
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Governor Obaseki underscored the significance of leveraging Edo State’s abundant raw materials to drive economic development, citing initiatives aimed at revitalizing sectors such as the forest and wood industry. He also highlighted the state’s ambitious oil palm development program, positioning Edo as a key player in Africa’s palm oil sector.
“In Edo State, we long saw this coming, and we took bold steps… ensuring we produce a generation of citizens that are well-taught,” Governor Obaseki remarked, pointing to efforts to enhance educational systems and develop a skilled workforce to meet the demands of a growing manufacturing sector.
Francis Meshioye, the MAN president, lauded Governor Obaseki’s efforts in attracting private sector investments to Edo State, noting the state’s emergence as a leading destination for industrial activities.
He stressed the importance of collaboration between the government and private sector in driving industrial growth, citing initiatives like the annual Alaghodaro summit as catalysts for investment and development.
“With the Midwest as a hub for industrial activities, it’s imperative for collaboration with the government to revive the manufacturing Industry in Edo State,” Meshioye emphasized, highlighting the need for policies and programs aimed at accelerating industrial progress.
Governor Obaseki’s call for fiscal policies to combat the forex crisis reflects a proactive approach to addressing economic challenges, signaling a commitment to promoting local industries and driving sustainable growth.
As Nigeria grapples with foreign exchange shortages, initiatives aimed at boosting domestic manufacturing and exports could offer a pathway to economic resilience and self-reliance
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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