Osinbajo Advocates Local Raw Material Sourcing

By Sheriff Balogun in Abeokuta

Acting President, Prof. Yemi Osinbajo on Friday  called on industries operating in the country to adopt backward integration and import substitution policy in their operations, in order to reduce cost of production and maximise profit. 

While speaking at the inauguration and tour of Procter and Gamble factory in Agbara area of Ogun State urged the industries to reduce importation of raw materials and locally source them. 

He challenged the business community to key into plans of government by introducing a huge portion of the local content in their production as this will guarantee their viability and security in their host communities. 

While commending the company’s efforts in the area of Corporate Social Responsibility, especially on their safety water initiative and hygiene, Osinbajo appealed to P&G to do more as they are expected to invest in the development of the community they operate. 

Earlier in his speech, the state governor, Senator Ibikunle Amosun said the state has attracted the largest Foreign Direct Investment in Nigeria, noting that this is a testimonial of the ease of doing business in the state. 

Restating that the state government would fix the Atan-Lusada- Agbara road, he asked the companies in the axis to invest part of their profit on the project. 

Amosun also reiterated the call by Osinbajo on companies operating in the state to source their raw materials locally, in order to reduce production cost and maximise profit.

 He assured that his administration would continue to create conducive environment for businesses to strive. 

He advised the industries to collaborate with the state government in the development of the model schools, vocational and technical colleges and invest in the training of young people, so as to produce employable workforce for investors in the state.

In his welcome address, Managing Director of Procter and Gamble, Mr. George Nassar appreciated the efforts of the Federal Government and Ogun State in particular, for their efforts in the ease of doing business in the country.

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