Skye Bank CEO Rallies Support for Made-in-Nigeria Products

The Group Managing Director of Skye Bank, Mr. Tokunbo Abiru, has urged Nigerians to patronise made – in Nigeria goods as one of the ways to reflate the economy and save the nation from the present recession with its attendant challenges. Abiru made this statement while delivering a paper at the on-going Made-in-Nigeria Summit titled“Empowering the Made in Nigeria (MAIN) Economy: Fostering Innovation and Leveraging Entrepreneurship” in Lagos. Abiru, stressed the need for Nigerians to patronise made in Nigeria goods and services as a way out of the present recession. According to the Skye Bank boss, “this will help to boost local production, create more employment thereby prevent capital flight, which will eventually lead to the export of goods made in Nigeria to other countries and earn foreign exchange.” He enumerated further: “When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs; create more jobs; improve quality of products and ultimately stimulate local consumption that impact the local  economy. “When the local SMEs are empowered through enhanced patronage of products and services, it enables such players to meet their obligations to the larger society – through payment of taxes, sourcing raw materials, contributing to the growth of linkages and providing job opportunities for skilled and unskilled labour,” the Skye Bank boss said. Over the past five years, MSMEs’ contribution to Nigeria’s GDP has grown steadily at a compound annual growth rate of 3.51 percent to 51 percent in 2014. The renowned rating agency, Agusto & Co estimates that MSMEs will account for around 56 percent of GDP by 2016, largely due to the growth in wholesale and retail trade MSMEs. Source: Thisday