Nigerian Government to sustain local production of goods

Timothy Choji, Abuja

The Nigerian government says it will continue to encourage massive production of goods locally, in order to raise the economic profile of the country

Vice President Yemi Osinbajo who disclosed this, said “manufacturing in Nigeria is a primary objective of the President Muhammadu Buhari led administration; it is a work we intend to do in the next few years to manufacture and produce in Nigeria as much as we can.” 

The Vice President was speaking in his office, at a meeting with a delegation from the Innoson Group and some Chinese business delegation, which included Shangdong Broadcasting Group led by Chief Innocent Chukwuma, Chairman and Chief Executive Officer of Innoson Group.

Professor Osinbajo explained that it is because of the administration’s commitment to spur local production in the country that the initiative of Innoson Group to work with Chinese partners is being addressed as a strategic collaboration.

“The initiative is bound to yield very good fruits and do very well, the timing is right; as we are at a point that we must engage technological solutions in our development plans” The Vice President stated.

Explaining the importance of competition and competitive pricing in such an effort, Professor Osinbajo noted that “In all we try to do, we believe there must be competition, competitive prices and plans.”

Speaking earlier, Chief Innoson Chukwuma said the Chinese firms have decided to invest about $1billion in the Nigerian economy within the next 12-24 months.

Chief Chukwuma gave details of the investments intended by the Chinese firms to include:

-A credit facility of $300m for local production and supply of 5-8 million Set-Top Boxes for the Digital Switch-Over in broadcasting in the country to meet a target date of June 2017.

-An investment of $100m to establish technology-based Direct-To-Home Digital Bing Television Stations.

-A further investment of $600m for Smart City CCTV camera and IT solutions for taxation, both using Cloud Computing, and E-Education IT solutions with big data centers in all federal universities and polytechnics in the country.

According to Chukwuma, “every plan to make a success of all these projects has been concluded between our two parties.”

Innoson Group is collaborating with three Chinese firms: Shangdong Broadcasting Group, and Shangdong Cable Interactive Services regarded as leading biggest TV operators, and Inspur Group, said to be China’s foremost leader in Cloud Computing solution suppliers and IT service provider.