Industrialist Calls for Restrictions on Importation of Finished Products

The Chief Executive of Erisco Bonpet Group, Chief Erick Umeofia, urged the Federal Government to enhance the performance of the manufacturing sector by restricting importation of some finished goods. he said that the influx of substandard finished goods into the country is inimical to the growth of the manufacturing sector of the economy.

“Fiscal policy should be put in place to discourage the importation of these goods and services, high tariffs should be placed on goods they know that we have the capability of producing here in Nigeria.”

He lauded the Central Bank of Nigeria (CBN) for its current monetary policy decisions, adding that the foreign exchange measures would reshape and reposition the real sector. He also employ the apex bank to monitor banks’ activities and ensure that foreign exchange made available to them were not diverted to bureau de change dealers.

Umeofia also appealed to the Standard Organisation of Nigeria, the National Agency for Foods and Drugs Administration and Control (NAFDAC) and the Nigerian Customs Service to stem the influx of substandard goods into the country.

He urged the government to create enabling environment that would promote the industrialisation and growth of the economy.