Naira will continue to slide if Nigerians continue to depend on imported goods-Wabote

… says local manufacturing will shore up Naira

Nigeria’s currency, the Naira will continue to slide if the country continues to depend on imported goods, Simbi Wabote, executive secretary, Nigerian Content Development and Monitoring Board (NCDMB) has observed.

He made the assertion at the groundbreaking ceremony of the Abia State Industrial Innovation Park (AIIP) project, which is located in Owaza community, in Ukwa West Local Government Area of Abia State.

He observed further that there is no miracle that can shore up the value of the Naira, if not manufactured locally.

He advised the Abia State Government to consider providing critical infrastructure, such as power, water, roads, drainages and waste treatment, to make the proposed AIIP operations sustainable.

The AIIP project on completion, would be a manufacturing hub, including a technology innovation centre, modern vehicle Assembly plant, power generation plant, LNG and CNG tank farms, as well as Haulage.

He noted that a viral manufacturing sector will not only catch the much-needed employment opportunities but will also have a multiplier effect on the economy, especially if the right policies and mechanisms are put in place to stimulate both forward and backward integration for the products and materials that would be manufactured.

He stated that the conception and implementation of the Abia Industrial Innovation Park is indeed well thought through, as it would enable the State to occupy its rightful position, as a key manufacturing hub of apparel, shoes and other finished leather products, like belt, bags and trinck box, for the entire nation and beyond.

“Hence when I was told about this industrial park, I quickly went to my friend, the Deputy Speaker of the House of Representatives, Ben Kalu to tell him that good things are happening in Abia and I know that you will be part of this journey to make this good thing happen and he told me that he is part of it and will continue to be part of it, because that is the only way we can turn around the economy of this country”.

Wobote affirmed that with dedication and consistency, the proposed park when realised can position Abia State as a competitive player in the global market, as it will attract national and international investors which will then contribute significantly to the State and nation’s economy.

He acknowledged that one of the major challenges faced by Nigerian manufacturers is the high cost of production, which is largely attributed to power generation, as most manufacturers rely on alternative power sources, especially now that the downstream sector has been deregulated.