Olusola Fatoba, who chairs the House of Representatives Committee on Information, National Orientation, Ethics and Values, has called for support for the manufacturing industry to discourage imports and bolster the country’s economy.
He also mentioned that the calls for border reopening were unnecessary, and stressed the importance of producing goods domestically rather than relying on foreign products.
The lawmaker representing Ado/Irepodun-Ifelodun Local Government Areas of Ekiti State in the National Assembly spoke to journalists in Ado Ekiti, Ekiti State capital on Tuesday.
He expressed his belief that reopening the borders would not solve the economic crisis but rather harm the country, emphasizing the need to avoid importing foreign goods.
He advocated for self-sufficiency in production and seeking expert help for items that cannot be domestically produced, aiming to prevent substandard goods from entering the country.
The federal lawmaker called on state governments to implement programs that would enhance people’s living standards and boost local production to revitalize Nigeria’s economy.
Regarding the escalating food prices despite the naira gaining value against the dollar, Fatoba emphasized the government's responsibility to regulate market prices.
He urged government agencies to actively regulate prices, pointing out the difficulty in price reduction in Nigeria when market costs rise.
He highlighted the importance of government intervention in regulating prices to achieve stability and uniformity in the market.
Fatoba stressed that encouraging the manufacturing sector would alleviate the average Nigerian's burden, proposing substantial investment in agriculture and subsidies for farming equipment and staple crops.
He also emphasized the need to support local artisans to address the country's challenges by increasing production of essential goods.
In addition, he called for addressing economic loopholes to prevent money from disappearing without trace and ensuring it remains in the economy to promote stability.
Fatoba praised the ongoing flyover project in Ekiti State capital, emphasizing the necessity of the bridge to facilitate smoother movement in the area.
“It will increase the value to the economy of the state, and when the airport is operating, it will definitely improve the movement of goods and services in that area. People coming to and leaving the capital will have easy access to nearby states and communities. So, in my opinion, it’s a beneficial idea.”
