A member of the Manufacturers Association of Nigeria (MAN), Tunde Adesoye in an interview with newsmen in Lagos has said that the rise in the exchange rate coupled with epiletic power supply and bank loan rate are impeding local manufacturers from producing at lower cost, making locally produced goods appear costlier than imported finished products.
Adesoye said, government needs to support local manufacturers to survive the present unfavourable economic situation in the country by introducing the policy of buying Made-in-Nigeria goods and discourage dependence on imported goods for the economy to grow.
He said: “President Buhari has done well for not agreeing to devalue the naira. A lot still needs to be done to assist local manufacturers. What we, local manufacturers, are producing is not in any way sub-standard compared with the imported goods. Nigerians should be made to understand this fact.”