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He said the radical policies would be painful at the initial stage but that they would eventually promote local production and strengthen the economy.
Jonathan spoke at the inauguration of May and Baker Plc’s N4bn ultra-modern pharmaceutical manufacturing plant, Pharma Centre, in Sango-Ota, Ogun State.
He said that the specific industry-focused incentives, which might also include some forms of waivers, would soon be unfolded in support of local firms involved in the production of indigenous goods.
The President added that the government would also do everything possible to encourage local manufacturers.
“I want to appeal to Nigerians to show some understanding because some of the decisions and measures the government will adopt may be harsh initially. But they should take it as a sacrifice to be paid, if we are to move the economy forward. My appeal specifically goes to the Organised Private Sector,” he said.
He stressed that some of the policies, like waivers, would have the main objective of ensuring that “local manufacturing firms that are into manufacturing of products in the critical areas of needs have an edge over foreign products or firms.”
Justifying the need for such measures, the President said that the government must protect local firms, despite globalisation, for Nigeria to achieve its Vision 2020 objective.
According to him, waivers and government patronage are two of the best mechanisms to support and protect indigenous manufacturing firms.
He said, “The Federal Government will protect local industry, although no country is an island. At the same time, for us to claim leadership in Africa, we must be able to produce certain percentage of what we need locally.
“This new focus underscores the government’s efforts on the revamp of the power sector and other infrastructural facilities.”
Jonathan also warned foreign countries and firms that Nigeria would no longer be a dumping ground for substandard products, noting that this was one of the reasons the country would have to take the “strong and harsh measures, which may appear painful at the beginning.”
“These measures, which are definitely necessary, may appear painful to the ordinary people, but they are needed if we are to grow the economy,” he stressed.
He, however, promised that such decisions and policies would not be taken without due consultation with the private sector.
The May & Baker factory, whose construction started in 2008, is an ultra-modern plant, built with facilities to meet the standards set by the World Health Organisation, United States Food and Drug Administration and other globally recognised regulatory bodies.
Earlier in his address, the Chairman, May and Baker, Lt-Gen. T.Y. Danjuma (retd.), said that the N4bn plant had the capacity to produce over 4.5 billion tablets and 37.5 million bottles of liquid preparation annually.
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