‘Patronage of local goods, solution to unemployment’
Lagos Chamber of Commerce and Industry on Wednesday urged government at various levels to lead by example through patronising locally made goods the only way the current high unemployment in the country can be tamed.
The chamber at the end of its council meeting held in Lagos expressed concern over the worsening unemployment in the country with youth unemployment at 54 per cent, noting that it poses great danger to the economic, social and political stability of the country.
It said in a communique signed by its director general, Muda Yusuf, that the patronage of locally produced goods should go beyond lip service.
“The government has a responsibility to provide leadership and example in this respect. Council believes that an effective policy of patronage of locally produced goods would greatly enhance the prospects of job creation. It noted that imported products are progressively crowding out locally produced goods in the Nigerian market. Patronage of domestic products will boost the chances of retention of the value of expenditure within the economy,” it stated.
It called for urgent support for SMEs to retain existing jobs and create new ones. Critical areas of support include funding and capacity building.