President Bola Tinubu has identified the localisation of production processes and cost reduction as critical factors in addressing hunger in Nigeria.

Tinubu, represented by the Secretary to the Government of the Federation, SGF, Senator George Akume, said this at the 2024 National MSME Conference, on Thursday in Abuja.

He emphasised that the country’s economic challenges, including food insecurity, stem from a reliance on imported goods and inefficient local production.

“Nigerians experience hunger because we have not fully localised production processes and reduced costs effectively.

“I also realise the importance of innovation and digitalisation to this purpose. There is no justice in creating an economy that is not sustainable for the coming generations.

“Our constitution frowns upon it, I frown upon it, and morality frowns upon it. As a country, we are still suffering the effects of trying to shift from a crude-based economy which has left us debt-ridden.

“Thus, the need to move the production and wealth-generating power of the economy to the people. It is in doing this that we can ensure equal distribution of resources,” he said.

The President, while stating the role of MSMEs, said they were the engines of rural industrialisation, poverty alleviation, and sustainable development.

He then reiterated the government’s commitment to fostering a sustainable and innovation-driven economy.

Tinubu called for collective efforts to enhance local production capabilities, stating that by reducing production costs, the government could improve access to essential goods and alleviate hunger.

He urged stakeholders to engage in dialogue to identify and implement strategies that could streamline processes and enhance productivity.

Tinubu pointed out the significance of digitalisation and innovation in localising production, emphasising that these elements were essential for creating a resilient economy.

The president said the government was already taking steps to support this vision, including the inauguration of various initiatives aimed at mobilising resources for MSMEs.

He invited both domestic and international investors to explore opportunities within Nigeria’s growing market, assuring them that the government was committed to creating a business-friendly environment.

Also, the Speaker of the House of Representative, Mr Tajudeen Abbas, restated the commitment of the National Assembly to fostering growth of MSMEs in the country.

Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, restated the importance of digitisation in driving MSME in the country.

Hardship: Nigerian government identifies ways to address hunger