Nigeria increases funding for local manufacturers to up GDP in 2021 - VANGUARD
MAY 03, 2021
By Victoria Ojeme
The Nigerian government is increasing financial support and tax reliefs for local manufacturers to bolster the country’s gross domestic product (GDP). The GDP measures national income and output for a given country’s economy. It is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.
In 2020, Nigeria’s GDP amounted to 152,32 trillion Naira, over 400 billion U.S.dollars. Between October and December 2020, the gross domestic product of Nigeria reached 43,56 trillion Naira. The federal government said increasing local manufacturing is essential for Nigeria’s local firms to become Africa’s preferred manufacturing hub and a dominant force in the African Continental Free Trade Area regime.
The Managing Director, NEXIM Bank , Abubakar Abba Bello; Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, and the Director-General, Nigerian Export Promotion Council (NEPC), Mr Segun Awolowo, stated this yesterday after inspecting facilities at the Halibiz Industries in the Idu Industrial Layout, Abuja. President of the firm, Qs Adamu Aliyu, had earlier in his presentation said a Fast-Moving Consumer Goods (FMCG) manufacturing firm like Halibiz Industries that is creating jobs and adding value to the FMCG eco –system would need Pioneer Status to expand.
According to him, the company has come up with innovative solutions for scaling up inclusive business in the fast moving consumer goods sector.
Aliyu said the company is also making use of technology to beat longstanding challenges and build on emerging opportunities in an evolving marketplace, adding that it has completely automated its manufacturing process.
He further stated that the company’s business approach is to retail quality goods at competitive prices. He added that the Pioneer Status he is seeking, would provide a buffer to enable the timely recoupment of capital investments incurred by the company at the start-up stages, As part of the company’s ambitious growth and expansion plans, Aliyu told the chief executives that he was eyeing the export market, specifically the AfCFTA with the company’s top quality product lines.
Also to accommodate the vision of the company, he disclosed that more structural expansion is presently ongoing in the company. He also said there are ample opportunities if the country can produce what it consumes, as it would not only create jobs but also feed the world.
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