Nigerian Economic Summit: Buhari calls for less import dependence

Says Nigeria building solid foundation for local production of goods, services


PRESIDENT Muhammadu Buhari, on Monday, expressed his determination to move Nigeria from import dependence to self-sufficiency in local production of goods and services.

To fully achieve this set objective, the President called on Nigerians to be less import dependence.

The President who also noted that oil was no longer sustainable, said his government would ensure diversification the economy so that the country would no longer rely on one commodity to survive as a nation. 

Buhari spoke while declaring open the Nigeria Economic Summit Group (NESG) in Abuja, urging stakeholders at the meeting to come up with recommendations to aid the government on formulation of realistic policies.
President Buhari said diversification of the economy has been the commitment and the mandate of his All Progressives Congress (APC) led administration, adding that he remains focus on it since the inception of the administration.
Buhari said he was glad that NESG has strengthened the relationship between the government and private sector of of the nation’s economy, adding that the theme of the 2016 Summit which centred on Made in Nigeria, was at the heart of various efforts to lead the country through the troubled times and lay a firm foundation for the future. 
He said: “As I have said in the past, we need to diversify the economy so that we will never again have to rely on one commodity to survive as a country; so that we can produce the food we eat, make our own textiles, produce most of the things we use and create the right environment for our young people to be able to benefit and create jobs through technology.
There is clearly no better way to achieve this without building our economic foundation on made in nigeria goods and services. Fortunately, we have champions of made in Nigeria that have defied the odds over the years to produce locally and contribute to our economy.
“I understand some of them will be discussing at this event, to share their experience in your inside sessions. I hope by the end of this you will make useful and realistic recommendations and policies,” he said.  
The President said the Federal Government come up with various initiative and incentives to encourage “more local production, improve our ease of doing business environment, transfer our technology and innovation capabilities, improve quality and standards, promote, export and change our old attitude and behaviours to made in Nigeria products and services.
“My greatest desire is that Nigeria moves from import dependence to self-sufficiency in local production and become an export-led economy in goods and services.
“I strongly believe that this summit will bring all stakeholders on board to stay on the course.
“The Vice President will attend the key sessions and I have also instructed members of the cabinet to fully participate in this submit,” he said.