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The Economy & You

The Economy and You ( William Iheanacho Otabil)

Thu 22nd Jun 2017

Small businesses and start-ups are the engines that will power Nigeria’s growth into the future,” “The sooner we start supporting our proudly Nigerian suppliers and service providers, the better for us. With our support, they can create wealth and jobs for the country and many of them can grow into globally competitive brands. On May 25, 2017, an Executive Order compelling state agencies to direct about 40% of procurement to Made-in-Nigeria goods by the Acting President puts spotlight on local manufacturers through initiatives such as the Made-in-Nigeria Dress Days. Locally made products accounted for 89.2 percent contribution toward Nigeria’s Gross Domestic Product in 2014, a far cry from 68.9 percent contribution recorded in 2011. In Aba alone, there are 15,000 shoemakers, who produce 300,000 shoes daily while one million of those shoes find their ways to Europe and other parts of the world on a weekly basis. The exports are estimated at about N1 billion weekly. This therefore explains the need for the Acting President’s executive order reaffirming the Federal Government’s determination to drive the Nigerian economy with locally manufactured products. In this episode, our guest Mr. William Iheanacho Otabil, the Chairman of the Buy Naija Project, will discuss the importance of this Executive Order.


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