Business
Why Nigerians Prefer Foreign Goods
Against the backdrop of federal authorities appealing to Nigerians to patronise made in Nigeria goods, a cross section of people spoken to by our correspondent over the weekend has given reasons for the development.
According to Comrade Okukwudi Worlu, “the simple reason is that Nigerians go crazy about foreign goods.”
Comrade Chukwudi, a fashion designer said that even those in power, when they are sick instead of going to our own hospitals and clinics around, love fravelling abroad, while we have qualified medical practitioners that can as well treat us.
He opined that it has been our culture to place high value on imported goods than those we manufacture locally.
On the issue of durability and quality, he said some Nigerians who like getting rich over night use substandard materials in manufacturing goods even as he called for proper regulation in the production process as it is done elsewhere.
For Ernest Emelezi, a computer analyst, foreign products have quality and durability than made in Nigeria goods.
According to Emelezi, Nigerian manufacturers have not attained the level of quality that foreign goods have.
“Untill when Nigerian goods attain quality then we can also patronise them,” he said.
Ranging from shoes to dresses foreign goods have durability and quality.
No body would like to sink his money for what they cannot use for a long time.
Joyce Harcourd, a house wife, who described made in Nigeria matches as a “house wife’s night mare” said she could not understand how a box of matches that has the name of a regulatory body stamped on it does not ignite.
According to her, any time she shops for matches she goes for the foreign ones from other African countries.
However for Idorenyen Obu, most of the foreign goods were second hand, especially clothings.
He advised Nigerians to shun such items because no one knows the condition of the last user.
“There are wars here and there and people can even remove dresses from a corps and sell,” he said.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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