The Local Automobile Industry Patronage Bill, 2025, on Thursday, scaled second reading in the Senate.
This followed the presentation of the lead debate on the general principles of the bill by the sponsor, Sen. Patrick Ndubueze (APC-Imo).
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And to prohibit the exclusion of locally produced goods in the procurement process and for related matters,” he said.
Ndubueze said that any country that aims to achieve steady economic growth and development must have a policy that encourages and provides a framework for local production.
“It is also important that goods and services are produced locally as its ripple effect is a reduction in imports and a rise in exports (Balance of trade),” the lawmaker noted.
He, however, said that unfortunately, over the years, the country had failed to institutionalise the use of indigenous products, brands and services in Nigeria and have instead, glorified foreign goods of no particular superior quality.
Vanguard