The Chairman of the Senate Committee on Industry, Senator Sam Egwu, has promised that the legislature will come up with relevant laws to ease the effect of foreign exchange on local manufacturers and ensure patronage for them.
Speaking during an oversight inspection of Innoson Automobile Manufacturing Plant, Nnewi, Anambra state, alongside his committee members, he said that the situation is detrimental to the nation’s economy.
Senator Egwu said that he was hopeful that the Procurement Bill which has passed the second reading and only awaiting the President’s assent would bring hope for indigenous manufacturers.
He explained that the bill is expected to strengthen local patronage by the government which is the major advocacy of the bill.
Innoson Automobile is expected to be one of the major beneficiaries of the bill as this means that government agencies would begin to use Innoson vehicles.
Innoson is the only vehicle manufacturing company in the country as others are only into assemblage and the Senator maintained that government should encourage such development in every possible means for the good of the country.
The Chief Executive Officer of Innoson Automobile Group, Mr Innocent Chukwuma, confirmed the view that the economic challenges were taking its toll on local manufacturers,
He revealed that production has dropped due to discrepancies in planning and outcome but remained hopeful that intervention from government would indeed ease the effects.