The President of the Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, over the weekend spoke about the persistent inability of made-in-Nigeria products to do well in international markets and the way forward.
Jacobs, who made this known during the 34th Annual General Meeting of the Rivers State chapter of MAN, also called for a collaborative effort with the Federal Government towards positioning Nigerian products for greater competitive advantage.
Also speaking at the AGM was the Director-General of the Standards Organisation of Nigeria, Mr. Osita Aboloma, who reiterated his agency’s commitment to continually introduce and implement strategies that will position Nigerian products for better performance in international markets.
One of such initiatives is the agency’s determination to get rid of substandard products in the country, which is one of the factors militating against their favourable performance. In his words:
“The manufacturing sector holds the key to economic growth and poverty reduction in Nigeria and this is why SON will stop at nothing to rid the nation of substandard goods.” – Aboloma
Meanwhile, manufacturers who were present at the meeting used the opportunity to stress the need for concerted efforts to create a conducive environment that will make it possible for businesses to thrive.
Nigeria’s manufacturing sector is integral to the economy
While the Nigerian manufacturing industry is not the main foreign exchange earner for the country, it is still an integral contributor to the Gross Domestic Product, GDP. According to the Nigerian Bureau of Statistics, NSB, the sector contributed about N28.4 million to the national GDP in the first quarter of 2018.
There are quite a number of companies in the Nigerian manufacturing sector, some of which are listed on the Nigerian Stock Exchange (NSE). These companies are in constant search for wider markets for their products which will, in turn, ensure profitability.
In the light of this, therefore, it becomes imperative that measures be put in place to ensure that Nigerian products can compete against their foreign markets on the global scene.