JUST IN: Sen Ned Nwoko Advocates Strategic Import Policies For Economic Growth

Sen Ned Nwoko (PDP-Delta) on Monday said strategic import policies to bolster local production and drive economic growth must take center stage in the ongoing discussions about Nigeria’s economic future...CONTINUE READING..

Nwoko, representing Delta North Senatorial District, said this to the News Agency of Nigeria (NAN), Abuja. He noted that embracing lessons from countries like South Korea and India, whose initial import restrictions led to long-term economic growth was imperative, adding that Nigeria must aim to chart a similar course.

“It is crucial and urgent that we prioritise embracing local production to uplift our declining economy,” he said.

While recognising the concerns raised by the CBN governor over Nigeria’s reported losses amounting to $1.4 billion over eight years due to restrictions on specific items, he however, said that was a small price to pay.

According to him, such sacrifices are necessary to lay the foundation for a stronger economic future.

“While these figures stress the need for a nuanced approach, they do not discount the potential for long-term benefits.

“For a nation striving to boost its local production and pave the way for a more robust economy, a reported $1.4 billion loss over eight years due to restrictions on certain items is a small price to pay.

“Nigeria needs to ban the importation of non-essential goods to promote local manufacturing and production.

“Redirecting funds previously allocated for importing non-essential goods towards supporting and incentivising local manufacturers and entrepreneurs will be pivotal.”

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This foolish politicians wont stop to amaze me. How can you stop importations of exential goods without an industry to ehance local production, what you pple is good at is building hotels every where. Even this ned nwoko vomiting this rubbish can not eat local rice apart from foreign rice. They will ban importation but everything they use is foreign, abeg who is fooling who