Obaseki stated that the Federal Government could address the current lack of foreign exchange by implementing fiscal policies to encourage manufacturers to increase local production and gain access to credit for exporting products made in Nigeria.
On Tuesday, Obaseki made these remarks while hosting the National President of the Manufacturers’ Association of Nigeria and other executives at the Government House, Benin City.
The governor emphasized the significance of the manufacturers’ association for the country's economy, highlighting Edo State's use of raw materials for production and manufacturing to drive economic development.
He mentioned the need for the nation to start consuming locally manufactured goods due to the forex shortage and lack of exportation of manufactured goods, emphasizing the role of the Manufacturers' Association of Nigeria in redirecting the country towards manufacturing.
Obaseki emphasized the importance of creating an enabling environment for the association to prosper and shifting the government's policy thinking away from viewing private sector as criminals, towards facilitating wealth creation.
Regarding efforts to enhance production activities, Obaseki highlighted the implementation of stringent environmental policies to regenerate the forest and wood industry, as well as the introduction of forest guards to prevent illegal logging.
Noting that Edo State has the largest oil palm development programme in Africa, the governor mentioned that the state provided 70,000 hectares of land to seven investors for oil palm cultivation through the ESOPP Programme.
In anticipation of producing high-quality manpower in the future, Obaseki mentioned the restructuring of the educational system in Edo State to ensure a well-taught generation of citizens.
The National President of the Manufacturing Association of Nigeria praised the governor's efforts in boosting Edo's economy and establishing the state as a top destination for private sector investments.
Highlighting the Midwest's role as an industrial hub, the association emphasized the importance of collaborating with the government to revitalize the manufacturing industry in Edo State through policies and programs to expedite industrial growth.
The association expressed satisfaction with the progress in attracting investments to Edo through the annual Alaghodaro event, which led to the establishment of the Duport Refinery, Green Hill Ethanol Plant, Ossiomo Power, and Edo Production hub, showcasing successful partnerships between the private sector and the government in manufacturing.
