LAGOS – An inventor and entrepreneur, Mr Valentine Olawani, on Thursday attributed the poor level of commercialisation of domestic scientific breakthroughs to financial institutions refusal to buy into home grown businesses.
Olawani, who is the Chief Executive Officer, Value Otentic Antenna Ltd, Lagos, said in an interview with the News Agency of Nigeria (NAN) in Lagos that entrepreneurs’ inability to access credits were responsible for their stunted growth.
The Value Otentic Antenna boss, who lauded the Federal Government policies on small and medium enterprises (SMEs’), urged it to go a step further by subsidising raw materials and providing interest free loans for local investors and manufacturers.
“The raw materials could be subsidised using a policy instrument that will reduce the price of materials by about 80 per cent. [eap_ad_1] “The price reduction will be possible through the National and States Assemblies enactment of friendly laws targeted primarily at stimulating local manufacturing,” he said.
Olawani also canvassed for the government to re-study subsisting regulations on domestic manufacturing and importation with a view to encouraging interested Nigerian entrepreneurs.
He said their success profile so far on local antenna production made it imperative for the federal government to issue notice for a moratorium on the importation of foreign antenna.
“ Government could boost our businesses by banning imported antennas so that indigenous producers can leverage on the opportunities.
“Most of us who are actually manufacturing are able to meet market demands and impact the nation’s gross domestic products,” he said.
NAN reports that Value Otentic antenna is a three-year-old indigenous electronics antenna manufacturing company with capacity for the production of about 100 units a day. (NAN)
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