Sometimes when Nigerian leaders speak and sermonize on how to make the nation’s economy grow, what comes to one’s mind is the popular cliché “talk is cheap”. Indeed, it is easy to mount the stage probably as a special guest to a public event, take the microphone and start reeling out all the beautiful ideas that will make Nigeria a better country.

It might not even be a difficult task to lobby the lawmakers to pass these ideas into laws, adding to the plethora of laws in the land. Using these laws to support an argument is no stress at all.  But where the issue lies is in walking the talk.

At the recently held National Manufacturing Policy Summit in Abuja, the Vice President, Kashim Shettima, made a case for the patronization of made-in-Nigeria products and prioritization of local content. Citing the Executive Order 003 which makes the patronage of locally manufactured products mandatory, he said, “Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods.”

“We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.”

“I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect.

“The relevant government Ministries, Departments, and Agencies are mandated to fully comply with the order,” he declared.

Is it the first time we are being told about the importance of embracing locally made products? Certainly not. Manufacturers, economists and various development experts have times without number harped on this, insisting that unless Nigeria’s exports outgrow imports, the balance of payment will remain negative, which is not healthy for the nation’s economy. …

The call for patronization of locally made products is not merely a patriotic gesture but a strategic move towards fostering economic resilience, creating jobs, and preserving the nation’s rich cultural heritage. Embracing locally made products offers numerous benefits that are crucial for Nigeria’s sustainable development.

Painfully, our leaders say something and do the opposite. They pontificate about patronizing made-in-Nigeria goods but everything they use both in their offices and at home are foreign products. Records have it that only Governors Chukwuma Soludo of Anambra State and  Alex Otti of Abia State use locally manufactured vehicles, Innosonvehicles, as their official cars.

So, it is possible that in the Vice President’s convoy to the venue of the summit where he preached about using made-in-Nigeria products, there was no locally made vehicle. It is possible that his attire, including his shoes, clothes and others were produced outside Nigeria. Stories even have it that some big men in Nigeria now sow their “babariga” in Morocco, Dubai and other countries because the special machine used for special designs on the clothes are lacking in Nigeria. it is possible that the food and drinks used in that event were imported.

They pontificate about patronizing made-in-Nigeria while they hardly patronize Nigerian hospitals and schools. Investment in these key sectors is not a priority leading to unsatisfactory output from them. So, they send their families to the best schools and hospitals in the world to enjoy their quality services.

As a matter of fact, Nigerians are patriotic. They do not need an Executive Order to mandate them to patronize Nigerian made products so long as they are of good quality, accessible and of good price. As an analyst rightly put it, “Nigerians love Nigeria. They love to patronize Nigeria.”  At virtually all social events in Nigeria today, hardly do they play foreign music. It is usually Nigerian music all the way. That is how good Nigerians love their products.

One must admit that some Nigerian made products are of low quality and expensive compared with the imported ones. Ordinarily, it should be expected that items manufactured in Nigeria will be cheaper than the ones imported from China but that is hardly the case. We all know why. Issues such as inadequate infrastructure, inconsistent power supply, access to finance for small businesses, and multiple taxation remain significant hurdles.

Producers and manufacturers borrow money from commercial banks at a very high rate. They spend millions of Naira on the purchase of diesel and petrol to run their businesses due to epileptic and expensive power supply. How then do you expect them to compete with producers and manufacturers in other countries whose interest rates are very minimal and power supply is not an issue?

Recently, Africa’s foremost entrepreneur and Nigerian businessman, Aliko Dangote, raised an alarm over the high interest rate in the country, saying that the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth and hamper job creation in the country.

For the presidential candidate of the Labour Party in the last election, Mr. Peter Obi, the recent monetary policy rate (MPR) by monetary policy committee (MPC) of CBN, on which banks benchmark their interest rate — from 24.75 percent to 26.25 percent, will have serious negative impacts on micro, small and medium enterprises (MSMEs), which are the engine of economic growth.

“In February this year, I argued against the decision of the Monetary Policy Committee on MPR to 22.5% and CRR to 45% increases which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which would be very difficult for manufacturers and MSMES to borrow and repay”, said Obi.

So, Nigerian leaders should go beyond the rhetoric and take sincere and practical steps towards making the country’s economy more productive. The government should create an enabling environment through supportive policies, investment in infrastructure, and facilitating access to credit for local producers.

There should be improved electricity generation, distribution, and reliability to reduce operational costs and increase productivity. Energy security is key to the growth of any economy. You cannot expect the manufacturing sector to thrive when you remove subsidies on petrol and other sources of energy. Regular maintenance of roads, railways, ports, and airports is important to facilitate the movement of goods and raw materials.

Investment incentives such as tax breaks, subsidies, and grants to attract both local and foreign investors must be adopted in addition to provision of low-interest loans and credit facilities specifically for manufacturing businesses as well as strengthening financial institutions to support small and medium-sized enterprises (SMEs).

Our policy and regulatory framework must be looked into. The policy makers should come up with and implement consistent and clear industrial policies that support long-term investments. There should be a deliberate effort to simplify business registration processes, reduce bureaucratic red tape, and combat corruption.

 Development of policies that protect local industries while promoting exports through favorable trade agreements is inevitable likewise the promotion of the use of locally sourced raw materials to reduce dependency on imports.

The Ministry of Mines and Steel Development must wake up to their responsibility of developing the mining sector to provide raw materials for manufacturing and contribute to the economic growth of the nation.

The government must support manufacturers in accessing international markets through export incentives and trade missions. And producers must do their own bit by ensuring that their products meet international quality standards to compete globally.

Additionally, there is a need for a cultural shift in consumer attitudes. Marketing campaigns that highlight the quality, uniqueness, and benefits of Nigerian products can help change perceptions and encourage more people to choose local options. Educational initiatives that emphasize the importance of supporting local industries can also foster a more supportive consumer base.

Most importantly, our leaders should always walk the talk.  They should stop preaching about patronizing made in Nigeria products while they use foreign made one. In the words of Henry Ward Beecher, “ A good example is worth a thousand sermons”.

CALISTA EZEAKU