• Friday, July 12, 2024
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BusinessDay

LCCI makes case for locally manufactured products

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The Lagos Chamber of Commerce and Industry (LCCI) has stated that campaigns aimed at enhancing patronage of locally produced goods should go beyond lip service.

“The government has a responsibility to provide leadership and example in this respect. The Council believes that an effective policy of patronage of locally produced goods would greatly enhance the prospects of job creation,’’ said LCCI, in a communiqué signed by Muda Yusuf, director-general, released last Wednesday to BusinessDay.

“Imported products are progressively crowding out locally produced goods in the Nigerian market. Patronage of domestic products will boost the chances of retention of the value of expenditure within the economy,” said the Chamber, while calling for replication of the National Content Act in many other sectors of the economy to make domestic enterprises benefit from procurement activities of government agencies and corporate organisations.

LCCI’s council also expressed concern over the worsening unemployment in the country with youth unemployment at 54 percent, stressing that the situation posed great dangers to the economic, social and political stability of the country, while establishing a correlation among unemployment, poverty and insecurity.

While commending government initiatives in this regard, such as the YouWin programme, the Chamber proposed urgent support for small and medium scale enterprises (SMEs), adding that critical areas of support included funding and capacity building.

“Government should accord higher priority to investments in infrastructure to reduce the current high infrastructure deficit and moderate the cost of doing business in the economy. Quality infrastructure would improve private sector productivity and competitiveness and boost the capacity to create new job,” it noted.