Josh Oyebisi, a prominent business leader and advocate for economic development, has recently emphasized the critical need to protect local industries in Nigeria. Speaking at an economic forum in Lagos on June 18, 2025, Oyebisi addressed the various challenges that domestic manufacturers face and the importance of fostering a supportive environment for local businesses.
Challenges Facing Local Industries
In his address, Oyebisi highlighted significant obstacles that local industries encounter, including fierce competition from imported goods, inadequate infrastructure, and high operational costs. He pointed out that many Nigerian manufacturers struggle to compete with foreign products, which are often cheaper due to subsidies and lower production expenses in their countries of origin.
“Our local industries are facing an uphill battle. We must create policies that level the playing field and enable our manufacturers to thrive,” Oyebisi stated. He called for government intervention, particularly through tariffs on imported goods that directly compete with locally produced items, to encourage consumers to support homegrown industries.
Economic Importance of Supporting Local Businesses
Oyebisi underscored the essential role local industries play in Nigeria’s economic growth and job creation. He argued that a robust manufacturing sector can significantly reduce unemployment rates and positively impact the nation’s GDP. “When we invest in our local industries, we are investing in Nigeria’s future. We can create millions of jobs and foster economic independence,” he explained.
Moreover, he stressed the need for the government to improve infrastructure, including roads and reliable power supply, which are vital for enhancing manufacturing efficiency. By creating a more conducive business environment, local industries can operate competitively and contribute substantially to Nigeria’s overall economy.
Advocating for Policy Reforms
To ensure the protection and promotion of local industries, Oyebisi called for comprehensive policy reforms aimed at supporting manufacturing and entrepreneurship. He urged the government to introduce incentives for local businesses, such as tax breaks, grants, and access to low-interest loans.
Additionally, Oyebisi highlighted the necessity of investing in education and vocational training to equip the workforce with the skills required for modern manufacturing. “We need a skilled workforce to drive innovation and productivity within our industries,” he stated.
In conclusion, Josh Oyebisi’s advocacy for the protection of local industries reflects a growing recognition of their significance in Nigeria’s economic landscape. By addressing the challenges faced by domestic manufacturers and promoting supportive policies, there is considerable potential for growth within the local industry sector. As Nigeria seeks to diversify its economy and enhance resilience, the protection and promotion of local industries will be critical for achieving sustainable development and prosperity on an international scale.
