The Chief Executive Officer and founder of Nord Automobile Limited, Mr. Ajayi Oluwatobi has said that Nigerians should be dominating their country’s economy in the long term.
Mr. Oluwatobi disclosed this in a post on X, formerly Twitter on Wednesday.
He highlighted the significance of foreign investments, however, he noted that local companies should be at the forefront of their nation’s economy as long as they have the required skill sets.
His words: “Lafarge Cement in Nigeria and Dangote cement in Nigeria are not the same to Nigeria’s economy in the long term. Shell refinery in Nigeria and Dangote refinery in Nigeria are not the same to Nigeria’s economy in the long term.
“A Nigerian tyre making factory in Nigeria and Michelin in Nigeria are not the same to Nigeria’s economy in the long term. A Ghanaian chocolate factory in Ghana and a Swiss chocolate factory in Ghana are not the same to Ghanian economy in the long term.
“GM factory in America and Mercedes-Benz factory in America are not the same to America’s economy in the long term. Toyota’s factory in Germany and Mercedes-Benz factory in Germany are not the same to German economy in the long term.
“Foreign auto factory in Nigeria and Nord auto factory in Nigeria are not the same to Nigeria’s economy in the long term. Tesla factory in China and BYD factory in China are not the same to the Chinese economy in the long term.”
The Chairman of the Nigerian automotive manufacturer stated that there is a place for foreign companies investing in a country, explaining that it should be encouraged.
He stressed that there is a place for the locals owning and dominating the different segments of their economy as long as they have the required technological know-how and funding.
This, he said should be the long term objective, adding that “It is a fusion of both. You attract the foreign investment/company, while you grow local capacity. The objective should always be for the citizens of the country to own and dominate the economy of their country in the long term.”
