IMPORT TARIFFS MAKE LOCAL PRODUCTION MORE EXPENSIVE – SHOBANJO
Chairman of Troyka Group, Dr Biodun Shobanjo, has criticised government policies that make locally manufactured products more expensive than imported alternatives, warning that such practices undermine Nigeria’s manufacturing sector and economic growth.
Shobanjo made the observation while discussing the challenges confronting Nigeria’s marketing communications industry, declining purchasing power, poor infrastructure and the difficulties facing local businesses.
He questioned why manufacturers who invest in machinery, employ workers and use locally available raw materials should face tariffs that could make their finished products more expensive than imported goods.
According to him, government policies should encourage local production rather than create additional obstacles for manufacturers.
The veteran advertising executive also identified inadequate electricity supply as a major constraint, arguing that manufacturing cannot thrive without reliable power and essential infrastructure.
He lamented the disappearance of several once-prominent Nigerian manufacturing companies, saying the decline has weakened the country’s industrial capacity and reduced employment opportunities.
Shobanjo further linked the difficulties facing businesses to declining disposable income, explaining that consumers with limited purchasing power have less money to spend on goods and services.
He noted that the situation also affects advertising and marketing agencies because companies are less able to commit substantial resources to promoting their products.
On the future of the industry, he urged the government to introduce policies that support manufacturers, improve infrastructure, strengthen the economy and increase citizens’ purchasing power.
Shobanjo also encouraged young Nigerians to identify their natural abilities, remain focused and pursue their ambitions with honesty and professionalism.
