There is a likely economic suicide or a snapping of its strenght if the productive work and commercial activities are in the hands of foreign investors, predominantly.There will be heavy dependence on importation of raw materials and personnel.allAfrica.com
The attendant cost stiffles the economy, as efforts to recoup the cost takes a hard toll on the economy and frustrates any meaningful growth.Local firms that were barely surviving would gradually get aground.
The local consuming market will be exploited as the cost of goods would be beyond their economic power.The cost of food will be high also.A rising cost of food contributes to hunger.
Hunger today threatens the poor in Nigeria and worldwide.When the price of food is high, food is put out of reach of the most vulnerable and the urban poor.There may be a new face of hunger in the face of abundant food especially when a large number of people can not afford them.
While business risk remains a major component of the challenge, the skepticism that the local content policy has been faced with must be broken.This is preventing many to access the benefits the policy affords.
Taking the policy to its full actualization is systematic.There is a broad avenue to access fund and the market.The centralbank of nigeria is at the lead to drive small and mudium industrial enterprises into the mainstream of the policy.If the fund is available and the market accessible.why is there difficulty to fully maximize the benefits.