From the Publisher

The current state of our economy is a cause for concern, and it is essential to understand the reasons behind it. One of the significant contributors to our economic woes is our preference for foreign products. As a nation, we must acknowledge the impact of our actions and take the necessary steps to rectify the situation.

Unfortunately, most Nigerians tend to opt for imported products over locally made ones without considering the consequences. Our indigenous manufacturers face numerous challenges, including multiple taxation, inadequate infrastructure, high cost of raw materials, and poor power supply. Despite these difficulties, they are still striving to keep their businesses running and provide employment opportunities for the citizens.

However, the citizens who should be supporting them by patronizing their products are only making things worse by ignoring them and opting for foreign goods. Every time we purchase imported products, we are inadvertently contributing to the growth of foreign economies at the expense of our own.

In 2022 alone, Nigeria imported goods worth a total of 53.6 billion US dollars. Similarly, a total of N1.9 trillion worth of food materials were imported into the country, most of which are locally available. This trend is causing significant harm to our economy and hindering the growth of our indigenous businesses.

Recently, there was an outcry against the choice of federal lawmakers to purchase SUVs worth millions of naira each. Even if they must have these luxury cars at all costs, shouldn’t they have patronized Nigeria-made SUVs instead?

The impact on our economy and employment would have been significant if the 360 members of the House of Representatives and the 109 members of the Senate had chosen to buy locally-made cars instead.

The indigenous businesses are folding up daily, unemployment is widespread, poverty is increasing, and the economy is suffering.

However, instead of blaming the government, we must all take responsibility for our actions and embrace locally produced goods.

The Nigerian manufacturing sector has improved tremendously in terms of quality, branding, and packaging. There are now hundreds of locally made products that compete favourably with foreign goods.

As citizens, we must be willing to prioritize Made in Nigeria products and lead by example.

Enacting laws that require government and public office holders to purchase locally made goods could be a significant step towards changing the mindset of the citizens.

Once we prioritize our locally made goods and services, our productivity will improve, and the economy will bounce back.