Power minister advocates import substitution strategy to reduce dependency

IN a bid to bolster national self- reliance and diminish dependency on imported products, the Minister of Power, Adebayo Adelabu, has highlighted plans for a comprehensive import substitution strategy, emphasising the need for domestic production to fortify the country's economic resilience.

The minister made this known during his facility tour at Momas Electricity Meter Manufacturing Company Limited ( MEMMCOL) on Friday, where he highlighted the benefits of import substituti on, including job creation, technological advancement and enhanced economic stability.

Addressing concerns over vulnerabilities stemming from over- reliance on imports, the minister underscored the imperative of fostering indige - nous capabilities to promote local manufacturing and in - novation.

Adelabu revealed that over 90 per cent of the hardship in the country is attributed to import dependency, noting that when naira loses its value, it becomes expensive to import. He said: “We will start import substitution by supporting local production, which will reduce dependency on importation by encouraging and supporting our local producers, incentivising and patronising them.” Adelabu added that by prioritising domestic production over imports, it would strengthen the nation's industrial base and stimulate sustainable growth amid a global climate of economic uncertainty, fostering self- sufficiency and mitigating external risks.

The minister remarked that Nigeria's heavy reliance on imports is a significant factor contributing to the depreciation of the nation's currency. He further emphasised that President Bola Tinubu's administration aims to steer the nation towards import substitution, underscoring the importance of supporting and fostering local manufacturers to achieve this objective.