Executive Director, Business Operations/Expansion, Appzone Limited, Mr Emeka Emetarom has advised indigenous innovators to be proud of their innovations and stop giving offshore tags to them.
He said most of the goods produced in the country are superior to their foreign equivalents, adding that “it is only the courage to showcase what we have in Nigeria that would attract the world to us”.
Emetarom who spoke on Thursday in Lagos also advised the government to keep an eye on Micro Finance Banks (MfBs) with a view to ensuring their survival as the informal sector forms the taproot of every viable economy.
He said: “Recession has hit the microfinance industry hard as well as other sectors. The reduced economic activity almost directly translates to increased loan default rates for MfBs and other lenders. However, I believe we are beyond the worst point now. The job losses increased dollar exchange rate, and the general fighting spirit of the average Nigerian all combine to create an atmosphere of new opportunity as small cottage industries start to spring up again, producing local equivalents of imported items we can no longer afford.
“I was inspired by a lady recently. She produces leather belts at her backyard. The quality felt like the kind I would expect to see a made in Italy sticker on, but to my surprise and total delight, it said made in Lagos. Such start-up ventures will find a huge market out there for their goods and will need the support of MfBs to grow. This will be a huge opportunity for the financial services sector, in general, and for MfBs in particular.”
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