In the face of dwindling crude oil revenues and growing economic challenges, the need to prioritize locally made products in Nigeria has never been more critical.

Sharing his opinion on how to tackle the situation and make Nigerian products to enjoy both local and foreign patronage, a successful Entrepreneur, Mr. Moyosola Niran-Oladuni, faulted the reliance on crude oil by Nigerian governments at the detriment of other available resources and locally made products.


According to him, for years, successive administrations have leaned heavily on crude oil as the backbone of the economy. However, this dependence is proving increasingly unsustainable due to persistent oil theft and the use of oil assets as collateral for foreign loans.

He opined that the current economic landscape demands a shift in focus toward fostering local industries to ensure sustainable growth.

He highlighted some challenges confronting local manufacturers which include Electricity to enhance Productivity.

He lamented that one of the most significant challenges facing local manufacturers in Nigeria is the unreliable electricity supply, saying that the national power grid is plagued by frequent outages and inefficiencies, which severely hamper the productivity of local industries.

According to him, without consistent electricity, manufacturers struggle to meet production targets, leading to increased costs and reduced competitiveness on the global stage.

To address this issue, he advised the government to prioritize investments in renewable energy sources, expand the national grid, and upgrade existing infrastructure. He affirmed that a stable power supply is essential for enabling small and medium-sized enterprises (SMEs) to operate efficiently, reduce overhead costs, and produce high-quality goods that can compete in international markets.


Another critical area that requires urgent attention is the accessibility of capital for SMEs. Niran-Oladuni bemoaned the high-interest rates for loans which he described as a significant barrier to the growth of local businesses.

He asserted that these rates stifle innovation and prevent entrepreneurs from expanding their operations, ultimately hindering the production of competitive, locally made products.

“The Central Bank of Nigeria (CBN) and the government should implement policies aimed at reducing interest rates for SMEs. By making it easier for small businesses to access affordable capital, the government can stimulate entrepreneurship, create jobs, and enhance the overall quality of locally produced goods. Lower interest rates will empower SMEs to invest in their businesses, innovate, and contribute to the economy’s diversification”, he advised.


For Nigerian products to gain acceptance both domestically and internationally, it is imperative to establish and enforce rigorous quality standards across all industries, says Niran-Oladuni.

He mentioned that the lack of standardized quality has long been a stumbling block for local products in gaining consumer trust and competing globally.

“The government must invest in testing facilities, train inspectors, and implement comprehensive  certification programs to ensure that local products meet international standards. By doing so, Nigeria can build trust with consumers, increase exports, and attract foreign investment. Quality standardization will not only boost the reputation of Nigerian products but also open up new markets and drive economic growth”. He said.