Acting President, Prof. Yemi Osinbajo has 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 maximize profit.
Speaking during the tour and Line Commissioning of Procter and Gamble factory in Agbara, Ogun State, the VP specifically urged them to reduce importation of raw materials and locally source them.
He challenged the business community to key into the plans of the 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.
Osinbajo, who commended the company’s efforts in the area of Corporate Social Responsibility, especially on their safety water initiative and hygiene, appealed to them to do more as they are expected to invest in the development of the community they operate.
Earlier in his speech, Ogun State Governor, Senator Ibikunle Amosun revealed that Ogun 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 maximize profit.
He assured that his administration would continue to create conducive environment for businesses to strive, advising 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.