EmeÀele Charges 0ultinationals, Others on Domestic Production

The Central Bank of Nigeria (CBN Governor, Mr. Godwin EmeÀele, yesterday called on multinationals and other manufacturing companies operating in the country to work towards the production of their goods in Nigeria.

EmeÀele, who said this in Lagos, during the signing of an agreement between Procter & Gamble (P&G), a consumer goods manufacturer and Colori Cosmetics, for the local production of Oral B products in Nigeria, reiterated the CBN’s support towards domestic manufacturing.

The parties to the agreement explained that the partnership represents a new investment of $35 million with additional direct jobs of over 200 expected to be created. The deal is expected to further promote localisation, technology advancement in Nigeria, support the government’s economic diversiÀcation drive as well as create an export hub of manufactured goods in Nigeria.

In his remarks, EmeÀele urged other multinationals to follow suit and collaborate with partners to strengthen industrialisation in Nigeria.

He revealed that about two years ago, Unilever established its margarine plant in Ogun, also with the support of the central bank.

He added: “I encourage other multinational Àrms to consider the opportunities that Nigeria oͿers and begin to set up their manufacturing lines in Nigeria. I also encourage indigenous corporations by saying rather than import goods that can be produced in Nigeria, they should begin to produce those goods here in Nigeria.

“We believe this will help to enable the build out of a more resilient economy that creates jobs and supports skills transfers for our growing and youthful population.”

The CBN Governor pointed out that the manufacturing industry had been a key focus of the eͿorts by the monetary and Àscal authorities towards driving recovery of the Nigerian economy, following the downturn in the Àrst half of last year, as a result of the COVID-19 pandemic.

He disclosed that the central bank would set up a N1 trillion facility in April, geared towards support growth and expansion of manufacturing Àrms in Nigeria.

So far, close to N300 billion has been disbursed to 76 manufacturing Àrms, which would boost local manufacturing across critical sectors over the next few years, EmeÀele said.