FG underway to revitalize local industries and discourage dumping- Minister
He said:
“One of my first official outings as minister was to represent Nigeria at the World Trade Organisation Ministerial Conference in Nairobi, Kenya; and discuss Nigeria’s place in the global multilateral trading system. One of the areas we addressed is dumping and I am happy that we got some relief, anti-dumping relief that we are going to use to promote local industries. Also, on one of our recent trips to the United Arab Emirates, I was privileged to sign, on behalf of Nigeria, an important bilateral agreement on Trade Promotion and Protection.”Influx of finished goods from countries all over the world into the Nigerian market is killing the nation’s local industries and hampering its bid for industrialisation.
According to Financial Vanguard, it was revealed that in the last four years alone, Standards Organisation of Nigeria, SON, destroyed substandard products worth N10 billion that were imported into the country.
Top among these goods were cables, wires, tyres, tomato paste in tins and satchets; textile materials, among other household items and consumables.
The minister said:
“We are in the era of globalisation as people like to call it, and what it means is that people are constantly trying to sell their goods, so we have a particular responsibility to ourselves to make sure that the goods that are coming here do not result to dumping. We are competing with the treasuries of the developed world where they are in effect subsidising goods that are coming into countries in the developing world and hampering industrialisation. In order to solve the problem, the Minister stated:
“It is the entire ecosystem – it ranges from trade policies to ensure that there is no dumping of cotton and finished products. I know we have several government agencies that are involved in checkmating products coming into the country. SON is one of them. It is under our ministry and NAFDAC is one of them under the Ministry of Health. I think the important thing is to do it in a systematic way and in a way that leverages technology. If you don’t do it that way there is a risk; you will be overwhelmed.
“Nigeria is a large country with a population of 170 million people and counting, so we must leverage technology and this is something that is being discussed and being implemented whether through the Nigeria Customs in terms of inspection, both the one that arrives or before goods are shipped. This is an area where we can do more and I will also say in the spirit of enabling environment we have to do it as service to stakeholders and not in a way that is adversarial. We would work hard at it.”According to him, another approach to discourage dumping is to patronize what we produce locally. He encouraged:
“We, Nigerians, have to be prepared to make some trade-offs and the most obvious one that will have the greatest impact is to consume what we produce – Made-in-Nigeria and that includes me. If we are willing to pay the price of consuming what we are producing it will get better with time, like it happened in other countries like Germany, Japan and others, they all went through the same cycle and am fully persuaded we will get the benefits in time.
“Speaking for myself and the leadership of my ministry, I can assure you that we are prepared to make tough choices that are required, we will be prepared to make tough sacrifices that are required and frankly we will expect that by leading by example, we will be able to carry others along with us. The principle of delayed gratification is something that we must accept and it is something President Buhari has has been talking about and in the short term, we need to make some tough choices for a better tomorrow.”
FG underway to revitalize local industries and discourage dumping- Minister
Reviewed by Nedugist
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Reviewed by Nedugist
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8:33 AM
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