Former Katsina State Governor, Aminu Bello Masari, has stressed the critical need for Nigeria to drastically reduce its dependence on imports to achieve sustainable economic growth. Naija247news gathered that Masari made this assertion during a recent address, highlighting the detrimental impact of excessive imports on the nation’s economy. Naija247news understands that his call for import substitution echoes growing concerns about the country’s trade imbalance and its implications for long-term economic stability.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, Masari argued that Nigeria’s over-reliance on imports has stifled the growth of domestic industries, hindering job creation and hindering economic diversification. Naija247news reports that he emphasized the need for a concerted effort to promote local production and consumption of goods, thereby stimulating the growth of indigenous businesses and creating employment opportunities for Nigerians. “Naija247news gathered that Masari specifically pointed to the agricultural sector, where Nigeria has the potential to be a major producer and exporter, but continues to rely heavily on imports for certain food items,” a source close to the former governor told our correspondent.
Naija247news understands that Masari believes that reducing import dependence is not just an economic imperative but also a matter of national security. According to Naija247news, he argued that relying on other countries for essential goods makes Nigeria vulnerable to external shocks and supply chain disruptions, which can have severe consequences for the economy and the well-being of citizens. Naija247news reports that he urged the government to implement policies that incentivize local production, such as providing access to affordable credit, investing in infrastructure, and creating a favorable business environment.
“Naija247news gathered that Masari also stressed the need for a shift in mindset among Nigerians, encouraging them to patronize locally made goods,” an attendee at the event confirmed. Naija247news understands that he believes that a change in consumer behavior is crucial for the success of any import substitution strategy. According to Naija247news, he called on Nigerians to recognize the importance of supporting local businesses and contributing to the growth of the domestic economy.
Naija247news reports that Masari’s call for import reduction has resonated with many Nigerians who are concerned about the country’s economic challenges. Naija247news gathered that various stakeholders, including business leaders, economists, and civil society organizations, have echoed similar sentiments, emphasizing the need for a more self-reliant economy. Naija247news understands that the debate about import substitution is gaining momentum, and there is a growing consensus that Nigeria must take decisive steps to reduce its dependence on imports to achieve sustainable economic growth and development.
According to Naija247news, Masari’s message serves as a timely reminder of the urgent need for Nigeria to diversify its economy and promote local production. Naija247news reports that his call for action has reignited the conversation about how to achieve a more balanced and sustainable trade regime, one that fosters domestic growth, creates jobs, and enhances Nigeria’s economic resilience. Naija247news gathered that the challenge now lies in translating these ideas into concrete policies and actions that will effectively reduce import dependence and unlock Nigeria’s vast economic potential.
