Experts in the environment and health sectors on Monday asked the
Federal Government to urgently check undue exploitation of foreign
manufacturers in the country.
The experts said it was becoming an economic slavery for the nation if
crucial decision is now considered.
Managing Director, Accouns Nigeria Limited, Mrs. Adunni Udu during a
briefing in Abuja disclosed that foreign manufacturers should be made
to establish production plants in the country, at least five years
after initial commencement of operation to generate employment for the
She said the indigenization policy could no longer address the current
economic situation, adding that the investors lack corporate
governance which encourages dubious activities unacceptable in their
country where the business is domiciled.
According to her, some Nigerians are often used as pathfinders to
penetrate and secure diverse markets in the country, yet subsequently
discarded and perform below consumers’ expectations.
“Nigeria as a country cannot grow economically with the present
liberal laws which allows foreign investors use indigenous
representatives at will, capitalizing on the loopholes of Nigeria laws
which are more liberal than what is obtainable other fast growing
countries of the world.
“The government should release Nigerians from the holds of these
desperate unscrupulous foreign manufacturers, investors and partners
who neither have offices, staff nor incur overhead cost including
taxation but siphon billions and trillions of Naira from the Nigerian
economy denying government of revenue and employment opportunities for
her citizens, with the attendant effect of kidnapping, armed robbery,
pipe-line vandalism, militancy and cybercrime,” Udu said.
Oyo State former Commissioner for Environment and Water Resources,
Alhaji Majekodunmi Aborode advised the National Assembly to promulgate
laws that would secure interest of local entrepreneurs.
He said it is important to curtail foreign investment encroachments in
order to reduce capital flight.
Aborode stated that Nigerians are known for their hardworking and
entrepreneurship spirit, which according to him should be encouraged
to developing the nation’s economy.
“We suggest that if a foreign company engages in distributionship
business for an average of five years, such company should not be
allowed to continue except they establish institutions in Nigeria to
manufacture their line of products or assemble new products in Nigeria
for employment generation and income growth to the economy,” Aborode
However, the experts urged lawmakers to enact legal framework that
would protect indigenous entrepreneurs thereby protecting the national