Can the crash of Naira bring the mojo on “Made in Nigeria”? The experts at Euromonitor International, a London-based strategic market research firm, think so. From its data, many supermarkets, stores, etc are looking for ways to source things internally.
People, you do not even need to look further: this is the deal, pick a truck, go to Ovim Oriendu Market in Abia State, and any produce you want, you will get. Since our sister, Dr Ngozi Okonjo-Iweala, became the head of all traders (lol) in World Trade Organization, Oriendu Market has modified itself to do global businesses. We now do business with all nations and can supply all supermarkets and stores in Nigeria.
See what the firm said; “This trend will also be supported by campaigns that seek to raise awareness and call for supermarkets to support products that are ‘Made in Nigeria’, as well as putting pressure on the government to reduce the reliance on imports for essential goods”.
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With the high inflation rate ravaging the global economy, coupled with the devaluation of the Naira, a large percentage of people in Nigeria are now looking for alternatives in supermarkets and local stores. Despite the negative impact of the high inflation and the fall of the Naira, industry experts are looking at the positive side of supermarkets and stores switching to locally produced goods.
They disclosed that including and developing SMEs in the supply chain allows the nation to grow and diversify by providing various options and a continuous supply pipeline for products and services. A case study of South Africa, as local production, is one of the things that has enabled the country to thrive in retail which has boosted their economy.
Uwa bu ahia [the world is a market]. Let’s make things in Nigeria, Nigerians!
Supermarkets/ Stores Switch To Local Products As Naira Rout Worsens
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The guys at Euromonitor International, do they really understand the issues? This is how we send people to Ivy League schools, and when they finish, they magically think they understand local problems.
Well, to have locally produced goods fill our supermarkets, we have to first grow capability in local manufacturing, and for that to happen, some conditions must be favourable. One of them is sourcing raw materials, how many of the inputs in the manufacturing process are sourced and processed locally? Take pharmaceutical for instance, corn is one of the basic ingredients, and Nigeria does not farm and process enough corn!
Starch is used in so many things here, but we do not produce enough starch locally, is it also a problem of stocking supermarkets with foreign made goods? Our deficiency is all round, it’s not just having a taste for foreign goods, but also we lack the capacity to even supply sufficient raw materials for local manufacturing, so we even import raw materials, and you need dollars for that…
And the big elephant in the room: importation of petroleum products, how will local production of goods take out this particular demon?
We worry about exchange rate because we lack productive capability, we are too ordinary.