We highlight just few reasons why we must attach value to Nigeria locally manufactured goods and services.
Buying made in Nigeria goods will boost employment generation in the country, as the multiplier effect of patronising local products will create demand for such goods and that means more production and income generation for the entrepreneur who will now be able to afford more hands in the production processes. Single line of illustration will generate velocity spending which will multiple economic activities both formally and informally.
CONSERVATION OF NIGERIA’S FOREIGN RESERVES.
Buying made in Nigeria goods will help conserve the nation’s foreign reserve and strengthen the naira against the dollar. The meaning of this is that, when you buy made in Nigeria goods, you will no longer need the foreign good and the dollar you will require to buy the foreign good is conserved for other necessary national needs or be saved. That means stabilising the foreign reserve, and when you export the Nigerian made goods you increase the foreign reserve. Now you can see that this your one single action will go a long way in making the country financially healthy and self-dependent.
VALUE CREATION FOR NIGERIA’S ECONOMY
Buying made in Nigeria goods helps to add value to the Nigerian economy. It is important to note that major prosperous economies of the world boost their small and medium enterprises as a way to solidify their economy. When you buy made in Nigeria goods thereby encouraging further production, you cause growth in the Gross Domestic Production (GDP) of the country. Increase in GDP will boost favourable balance of trade. Favourable balance of trade means increase in foreign reserve and in Naira strength. Increased GDP will lead to increase per capita income. Increase in per capita income means increase in standard of leaving and well-being of the citizenry.
BOOST TECHNOLOGY TRANSFER/DEVELOPMENT
Buying made in Nigeria goods helps to boost domestic production, thereby encouraging technology transfer. For production to be cheap per unit it has to be mass produced. Manual production does not give rise to cheap per unit cost of production. Technology does that. Technology will help mass produce goods and services, and that means lower unit cost of production. Two things are here- goods are available , and are also cheap.
This technology will either be developed, transferred, or stolen from advanced economies. Being in production will lead to this, because an entrepreneur much be in business and must fined way of surviving. So will either develop the means of production or steal it or cause it to be transferred to him. Buying made in Nigeria goods will make this happen.
REASONS FOR VALUING NIGERIAN GOODS.
A lot of civil vices that go on today, be it armed robbery, kidnapping, youth restiveness, destitution, boko haram etc are due to lack of employment, income, good lifestyle, education etc. The common saying that an idle mind is a devil’s workshop is true. Keep these set of citizens busy, let them earn a living wage and you will have a good civil society.