The Backward Integration Policy (BIP) was created under President Olusegun Obasanjo to boost local sourcing of raw materials, conserve foreign exchange (FX), and reduce the nation’s heavy import bill.
The policy encourages companies to source or produce a significant portion of their raw materials locally, making them more self-reliant and less exposed to foreign exchange volatility.
For many manufacturers, the policy has been a game-changer. It has expanded businesses, raised revenues, and cut dependence on imported inputs.
Lanre Osif
