Dollar scarcity: Nigerian manufacturers look to local alternatives for imported raw materials

Due to the difficulty in getting US dollars for import, Nigerian industrialists are increasingly using locally sourced alternatives to raw materials they previously used to import.

For instance, one industrialist told Punch that his company had in the past month been using locally sourced soybeans instead of imported feeds.

The current weakness of the naira has brought a lot of suffering to many Nigerians, but it is hoped that by the time the naira rebounds, which we hope will be very soon, the local manufacturers would have made a decision to stick to locally sourced raw materials.

That of course, will make the country more self-sufficient, create jobs, boost businesses and reduce the amount of foreign exchange we spend abroad.

To support our local industry, Nigerians should consciously buy Nigerian made products. Let’s try to wear more Aba made clothes and shoes. We should have at least one Innoson car in our garage. Let us buy Nigeria more at this period, not just because we have few alternatives, but because that way, we will make our economy stronger.

I also encourage our manufacturers to increasingly self-regulate their standards, so as to gain more respect locally. Let people stop fearing that if they buy your products they would have wasted their money because ‘it’ll soon spoil’.

Let our local manufacturers embrace quality, not sharp profits. A local air freshener manufacturer was recently asked why his air fresheners quickly lost their scent when put to use.He replied that he put only little amount of scents in his products so that people would come back for more. But I assure the man that if he puts more quality in his products, people will come back again and again for more because peopel prize quality over substandard products. Nuff said for now.

See more about how Nigerian manufacturers are turning to local substitutes for imported products here.