The Director General of the National Board for Technology Incubation (NBTI)Mr. Akinwumi Somefun said that import substitution will lead to the industrialization of Nigeria, strengthen the economy and create more jobs for the unemployed.
Somefun revealed this on Thursday, January 5, during an interview with the News Agency of Nigeria (NAN) in Abuja.
Import substitution would also imply the consumption of locally sourced raw materials that would ultimately help sustain supply chains.
Importance of import substitution: According to the Peterson Institute for International Economics (PIIE), import substitution is the idea that blocking imports of manufactured goods can help an economy by increasing demand for domestically produced goods.
Somefun urged Nigerians to substitute Nigerian-made products for imported products to reinforce the federal government’s policies on industrialization and economic growth.
He added that patronizing local goods and services will boost the nation’s income and reduce capital flight.
- “It would strengthen the economy and create more jobs for the unemployed.
- ”Nigerian products are produced from locally sourced raw materials that would sustain supply chains.
- “ Greater consumption of our own locally produced goods will create more employment opportunities, keep supply chains running, and increase economic efficiency and profits.
It also revealed that most of the products produced in the NBTI hatcheries are well packaged, of high quality and are exported, which earns us foreign exchange.
What you should know: Remember that Nairametrics reported Last year, Vice President Yemi Osinbajo warned that general import restrictions are a brake on economic activity because many items that might be needed in the manufacturing process could be affected with a consequent negative impact on the value added of the economy.
According to him, importation is not a problem as what matters is what value is added to imported products before they reach Nigerian consumers.
