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Manufacturers urge FG to make backward integration policy flexible
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Manufacturers urge FG to make backward integration policy flexible

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Manufacturers want government to make its backward integration policy more workable for them.

They made this demand at the ongoing Nigerian Economic Summit in Abuja.

The Nigerian government launched a backward integration policy several years ago.

It was to stem the importation of raw materials for value addition in the manufacturing sector.

A number  of the local manufacturers at a policy commission session at the NES 2017 have tried backward integration in raw materials sourcing but had mixed reactions.

A UK-based consulting firm has carried out a study on the country’s local content policy with backward integration included.

It’s findings show backward integration requires more funding for the manufacturer which means higher product costs for consumers .

It now wants the authorities to intensify efforts at enabling a more conducive business environment.

The manufacturers also seek better operational support from the authorities.

The industrialists were optimistic that it will help influence government’s local content initiatives in their favour.

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