- Nigerite Advises Manufacturers on Local Materials
Nigerite Limited has advised Nigerian manufacturers to look inwards for raw materials while urging the Federal Government to encourage local content development.
It said that Nigeria must focus attention on areas where it had competitive and comparative advantage to get out of the current economic downturn.
The Managing Director, Nigerite Limited, Mr. Frank Le-Bris, was quoted in a statement to have stated this at the firm’s Annual Distributors Appreciation event held in Lagos.
He explained that the Federal Government must create conducive environment for manufacturing, stressing that manufacturers must begin to look inward for raw materials since there is little or no forex to import.
According to Le-Bris, not all raw materials can be sourced locally adding that companies must invest in research and development to look for close substitutes.
He said, “Nigeria must encourage local content, local manufacturers, set up companies and look inwards for sourcing local materials that the country has the competitive and comparative advantage in.
He added that since the government was seeking ways to diversify its economic revenue base, the company would continue to support the present administration in its quest to achieve a diversified economy.
He said the company, with its 57 years history and a market share of about 30 per cent in the industry in Nigeria, had also played a vital role in creating employment opportunities for the nation’s teeming unemployed youths.
On the distributors’ award, Le-Bris said, “The event was an opportunity for us to appreciate our distributors and discuss with them the achievements in the past one year. We are also looking at getting feedback from them as per the challenges they face selling our products and how we can improve on our services.”