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FG to Ban Foreign Goods that have Local Substitutes

By on July 18, 2012

The Federal Government has made clear in no uncertain terms it impending policy reform that will see ban on imports of goods that have foreign substitutes.

The Minister of Trade and Investment, Olusegun Aganga, made this known during a visit to Innoson Motors Manufacturing facility and Innoson Industrial Plastic Plant in Enugu and Anambra States respectively.

Aganga said, “As a country, we have a large market comprising 167 million people. We are the gateway to ECOWAS, which is about 300 million people. What this means is that local patronage is very important to us as a country because we must take advantage of our large market to drive our Industrial Revolution Plan.

“In fact, local patronage is key to President Jonathan’s Transformation Agenda because it will help us to increase the productivity of our local companies; reduce foreign exchange spent on importation of goods from other countries and create morejobs for our people.

He added, “Already, the President has directed us to compile the list of goods produced by Nigerian companies so that we will not have reasons to import those things into the country. We are going to do same thing in the states by adopting the same policy. I have already met with the Chairman of Nnewi Chamber of Commerce and Industry over this matter, the chamber will submit the list to me within the next one week.

“Also, the Anambra State governor is doing the same thing as well the Manufacturers Association of Nigeria. Once, we complete the process, nobody will be allowed to import those things we produce into the country, especially those items that we have comparative and competitive advantage.”