Indigenous manufacturers in Nigeria say they have recorded a 50% leap in production capacity as demand and sales for some of the locally made goods have risen in recent months, a trend they attribute to the recent Central Bank of Nigeria (CBN) policy on foreign exchange.
The manufacturers, at a press briefing held at the premises of Obasanjo Farms in Ota, Ogun State yesterday lauded the CBN policy describing it as the "greatest game changer for the fortunes of local manufacturers." They also insisted that the apex bank should resist blackmail attempts by Nigerians, notably from importers, to rescind the policy, even in the immediate future.
The briefing was done on behalf of the Ota based manufacturers by Messrs Nassos Sidirofagis, a Greek, and Managing Director of Tempo Food, Paper Pulp and Packaging Limited and Oluwasesan Taiwo-Tijani, a Nigerian, who is Managing Directors of Sren Chemicals Limited and Polymer Packaging Limited.
The two manufacturers noted that with demand and sales leaping above the usual, there had been a corresponding increase in the production capacities of local companies as well as fresh employment opportunities created for citizens. "In the last three years, it was really so difficult for us to operate at our full capacity and to make profit," said Sidirofagis.
"But the new CBN policy has been the game changer for the fortunes of local manufacturers as Nigerian consumers who can no longer import the items that are consumed or utilised locally are now compelled to patronise what we are manufacturing.
"In fact, the new policy has made Nigerians to even realise that the quality of our local goods are far higher than imported ones. Demand and sales have gone up. And our production capacity has also gone up by about 50-70 per cent and we now have to employ more," he added.
On his part, Taiwo-Tijani, said the CBN policy also offers a bright prospects for local manufacturers to start expanding their capacities and also plan ahead for exports.
"Now we can smile a little because what we made in sales in my company for three months is what we now make for one month because most companies that import nylon bags and inks which we manufacture are no longer able to do so. They have no option than to buy from us," said Taiwo-Tijani.
"The CBN policy has given us the bright prospects to expand and to export. And we want the CBN to do everything to sustain the policy. Now more Nigerians are thinking of going into manufacturing and if the policy is sustained we will be producing about 70 per cent of what we consume in the nearest future," he added.
The manufacturers however demanded that the CBN wade in and ensure that interest rates are dropped while waivers are granted on duties on raw materials or feesstocks not found in Nigeria for local manufacturers.
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---------- Forwarded message ----------
From: Mobolaji Aluko <alukome@gmail.com>
Date: Wed, Jan 20, 2016 at 12:34 PM
Subject: Re: [Naijaintellects] Re: On the Matter of Articulation of PMB's Economic Goals - As I I Understand Them [Re: [africanworldforum] What are the economic goals of PMB?
To: naijaintellects <naijaintellects@googlegroups.com>
Cc: "africanworldforum@googlegroups.com" <africanworldforum@googlegroups.com>, NaijaPolitics e-Group <naijapolitics@yahoogroups.com>, "Yahoo! Inc." <nigerianworldforum@yahoogroups.com>, "nigerianid@yahoogroups.com" <nigerianid@yahoogroups.com>, "Yahoo! Inc." <yanarewa@yahoogroups.com>, Ra'ayi Riga <raayiriga@yahoogroups.com>, "omoodua@yahoogroups.com" <omoodua@yahoogroups.com>, therealsegun <therealsegun@yahoo.com>, USAAfrica Dialogue <USAAfricaDialogue@googlegroups.com>, ekiti ekitigroups <ekitipanupo@yahoogroups.com>John Ebohon:You are absolutely right: as in China, the first effort should be to RAMP up these products as IMPORT SUBSTITUTES to prevent use of scarce foreign reserves. We should be talking of BOTH preserving foreign reserves (by import substitution) and EARNING them (through exports.In fact, there are two programs of note for production of goods:(1) One-LocalGovernment-One-Product OLOP (launched by the previous administration, or even earlier)(2) One-State-One-Product OSOP (this administration)In the spirit of your question, I therefore presume we should be talking of two exports - internal and external(1) LocalGovernment 1 to LocalGovernment 2 (an "internal" export)(2) State 1 to State 2 (an "internal" export)(3) Nigeria to Other Countries (external export)And there you have it.Bolaji AlukoOn Wed, Jan 20, 2016 at 12:13 PM, John Ebohon <ebohon@dmu.ac.uk> wrote:--Prof. Aluko,
Why the emphasis on exports? Have we satisfied domestic capacity in these items you listed below? Just curious.
OJ
From: naijaintellects@googlegroups.com [mailto:naijaintellects@googlegroups.com] On Behalf Of Mobolaji Aluko
Sent: 20 January 2016 07:40
To: africanworldforum@googlegroups.com
Cc: NaijaPolitics e-Group; Yahoo! Inc.; nigerianid@yahoogroups.com; Yahoo! Inc.; Ra'ayi Riga; omoodua@yahoogroups.com; therealsegun; naijaintellects@googlegroups.com; USAAfrica Dialogue; ekiti ekitigroups
Subject: [Naijaintellects] Re: On the Matter of Articulation of PMB's Economic Goals - As I I Understand Them [Re: [africanworldforum] What are the economic goals of PMB?
Prof Chiwuikem:
You be Professor too, no?
Moving on....
What did PMB disown? Must have been exaggerations put out by exhuberant aides and oppositional elements, NOT the land-labor-capital-technology economic-goals quartet that I re-packaged below, which map into his traditional security-anticorruption-employment broad pillars.
Finally, I invite you (and others) to invest in one of these export possibilities, instead of abusing everybody and his mother - you won't go wrong. Since you come from near Aba, one of them is right up your alley. :-)
Table 1: Table of Thirteen (13) National Strategic Export Products (NSEP) for Nigeria
S/N
Category
Products
1
Agro industrial products
1. Palm oil
2. Cocoa
3. Sugar
4. Rice
5. Cashew
2
Mining-related products
6. Cement
7. Iron ore/metals
8. Auto parts/cars
9. Aluminium
3
Oil and gas industrial products
10. Petroleum products
11. Fertiliser/urea
12. Petrochemicals
13. Methanol
And there you have it.
Bolaji Aluko
On Wed, Jan 20, 2016 at 5:49 AM, Chiwuikem Ihediwa <chiwuikem@hotmail.com> wrote:
Prof Aluko,
Buhari disowned his own statements captured on camera during campaigns, and you are here putting yourself up for this. I hope you will own this up when the time comes.
Ndewo
Chiwuikem
Date: Wed, 20 Jan 2016 02:27:10 +0100
Subject: Re: [NaijaPolitics] On the Matter of Articulation of PMB's Economic Goals - As I I Understand Them [Re: [africanworldforum] What are the economic goals of PMB?
From: alukome@gmail.com
To: africanworldforum@googlegroups.com
CC: NaijaPolitics@yahoogroups.com; NIgerianWorldForum@yahoogroups.com; nigerianID@yahoogroups.com; naijaobserver@yahoogroups.com; yanarewa@yahoogroups.com; raayiriga@yahoogroups.com; omoodua@yahoogroups.com; therealsegun@yahoo.com; naijaintellects@googlegroups.com
Ezeana Igirigi Achusim:
Joe Attueyi asked for some education on PMB's economic goals; I attempted to provide some; but Joe A. seems to have disappeared on me on that one...
So I am happy that you came back on his behalf. So let me address you briefly:
On Wed, Jan 20, 2016 at 2:00 AM, 'Ezeana Igirigi Achusim' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:
VC Aluko:
Have you forwarded your proposals to Buhari and his handlers? Or you want us to believe that you copied this from actual Buhari plans?
You like the plans, ehn? Well, I copied them from Buhari's plans; in fact, they are his. Only the un-jaundiced and un-biased though will see that all that I wrote are from PMB's plans.
Even if you forwarded this to him, you have to go and oversee their implementation.
I don't have to go to implement them...it was he who won the election, so why should I be overseeing "implementation?".In any case, they are already being implemented, you are just too jaundiced and biased to see it.
And I am
Ezeana Igirigi Achusim
Odi-Isaa
Nwa Dim Orioha AkA Onyeukwu
And there you have it.
Bolaji Aluko
Sent from my iPhone
On Jan 16, 2016, at 1:49 PM, Mobolaji Aluko alukome@gmail.com [NaijaPolitics] <NaijaPolitics@yahoogroups.com> wrote:
Joe Attueyi:
From what I know/understand, PNB's economic goals are about the prudent management of land, labor, capital and technology for the greatest good of the greatest number of Nigerians within the national and global economic environments that he inherited from the previous administration.
(1) About land, he has articulated a policy of less dependence on oil, and more dependence on agriculture and solid minerals.
(2) About labor, he has articulated that he expects the new "land" emphasis to naturally lead to more employment, coupled with conditional cash transfer work-fare of N5000 - 15000 for the "uunemployed".
(3). For capital where there is greatest challenge due to drastically reduced oil earnings, he has articulated an austere (and TSA-monitored) government spending, a capital-weighted 2016 budget, an anti-corruption-induced recovery of "official" loot, and a deficit-budget financed by taxes and (possibly) pension funds and the capital market to fund infrastructure.
(4) for technology. Emphasis on ICT-driven economy, and diversified primary and secondary energy sources, particularly electricity.
I am sure that you are also wondering about the fiscal and monetary policy. Well, they are all to aid the above four policies in a manner to preserve the strength of the Naira, and conserve our foreign reserves - I repeat myself.
There is a lot of dynamics in the world in terms of energy economics and security/terrorism concerns, both at home and abroad, so there needs to be patience on the side of Nigerian citizens, and discipline and focus on the part of the political leadership, in the midst of a highly partisan and divisive political environment.
If you need any more information, let me know.
There you have it.
Bolaji Aluko
On Saturday, January 16, 2016, 'Joe Attueyi' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:
> Does anyone know? I'd appreciate some education
>
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