Okechukwu Enelamah, the minister for industry, trade and investment, has emphasised the need for local manufacturers to increase the local content in their production chain.
Enelamah, receiving a Guinness Nigeria Plc. delegation led by Baker Magunda, the managing director, said backward integration in terms of local sourcing of materials would go a long way to reduce imports and provide more job opportunities for Nigerians.
He said job creation has been top on government’s agenda, with industrial growth being pushed through the Ease of Doing Business and active partnerships.
“Government has an important role to play and that is creating an enabling business environment for industries to thrive,’’ he said.
According to him, the Federal Government is keen on sectoral polici9es that will further develop the grain and cassava sectors, and will like such policies to be shared.
He also expressed the readiness of the ministry to partner with Guinness in sectoral development, job creation, as well as trucking under government’s automotive policy.
Magunda said the company had been operating in Nigeria for the past 68 years, with two plants in Lagos and Benin presently and has been able to reduce its imports from 70 percent to 30 percent through local sourcing of materials. The company, he said, has also started a cassava farm in Edo and is trying to involve more farmers in cassava production.
“The industry is a low-margin industry where some materials are cheaper to import, but efforts are presently ongoing to source more materials locally,” he said.
He also said that the company had commenced discussion with manufacturers on the production of trucks for the transportation of inputs and products.
Oil worries increase as prices relapse, U.S crude stocks surpass expectations
Investors take N105.8bn profit in equities trading as bulls’ momentum continues on Nigeria bourse
Bayelsa suffers setback as Supreme Court strikes out case on multi-billion-dollar Soku oilfields
Nigerian miners seek engagement with FG over reviving Ajaokuta Steel Mill
CBN’s PMI fall continues despite 2.5bps rise to 49.4 points in October
Crude oil price rises amid U.S gulf shutdowns, troubling outlook
Access Bank, WEMA, FCMB offer to help rebuild in aftermath of #EndSARS destructions
Stanbic IBTC’s Q3’20 revenue surges 19.1% to N66.2bn
Lagos reopens all markets fully for the first time since COVID-19
Nigeria: PMI, oil, naira in focus
Frontpage August 25, 2017