Nigeria’s business magnate, Aliko Dangote stated that Nigerians import poverty while exporting job opportunities and prosperity by allowing foreign companies to turn Nigeria into a dumping ground for their products.
Dangote expressed his dislike for importation at the 50th Annual General Meeting of the Manufacturers Association of Nigeria (MAN).
He said, “What is happening is that foreign companies are dumping their products in Nigeria. That is why I dislike importing. When you import, you are importing poverty while exporting prosperity and job opportunities.”
Increased rate of imported products are detrimental to the country’s economy, almost every product in the country are not locally sourced including minor day-to-day products like matches, cotton buds, toothpicks, and razor blades are all foreign-made.
Nigeria’s high level of importation can influence its Gross Domestic Product, the exchange rate, level of inflation, and interest rates. Increased importation can distort the balance of trade and devalue the local currency.
Presently, Nigeria is experiencing the highest inflation rate of 20.77% in 17 years while the Central Bank of Nigeria has raised interest rates to 15.5%, the highest in 20 years.
A high rate of importation represents an outflow of funds and job opportunities from the country. Local investors would take jobs meant for the locals and pay overseas entities to get the job done thereby increasing the country’s unemployment rate.
According to Mansur Ahmed, the President of MAN, importation by Nigerians has contributed greatly to Nigeria’s current high unemployment rate.
Ahmed said for Nigeria to experience growth, the manufacturing sector needs support, “In order to grow the economy, create jobs and increase contribution to government revenue, the manufacturing sector must be supported to scale production through increase capacity utilization and adequate patronage.”
George Onafowokan, the Chief Executive Officer of Coleman Technical Industries Limited, who had something to say in relation to the matter at hand, stated that locally made products remain a vital part of the Nigerian Economy as they can solve the issues of unemployment by providing job opportunities for millions of Nigerians.
