Industrialist Wants FG To Export Processed Products

An industrialist, Mr
David Ifezulike, has advised the Federal Government to take all necessary steps to encourage export of processed products rather than raw materials.
Ifezulike, who is the Chairman of Nestle Plc, made the call in an interview with our correspondent  in Lagos, recently.
He said the country stood to generate huge foreign exchange if its manufacturers would export finished products.
“We did not get into buying sorghum and exporting sorghum but we add value to sorghum so that it gets an extract like malt extract which we add to other ingredients to make a product like Milo.
“So this is what many people should do even private little entrepreneurs also.
“Like you are processing cashew, you just do not stop at getting the raw seeds and selling it to somebody and bagging it for export.
“You do something to increase the value of it for export. Nigeria should not be interested in exporting crude materials.
“We are so happy with exporting crude oil, you export it to somebody, he adds value to it and sells it to you and you struggle to buy it back.
“So, if you add value to something, that one costs much more. The high price end is where you add value.”