As Nigeria’s manufacturing sector faces severe challenges due to a tough business environment, stakeholders and industry experts have united to explore strategies for the sector’s survival and revival. The annual general meeting of the Manufacturers Association of Nigeria (MAN), Ikeja branch, served as a key forum for these discussions, highlighting the urgent need for adaptive strategies to navigate the sector’s mounting difficulties.

Amidst economic pressures threatening productivity and competitiveness, experts emphasized the importance of localization. By developing local talent and sourcing materials domestically, manufacturers can reduce their reliance on volatile foreign exchange markets, thereby mitigating the risks associated with currency fluctuations and supporting local economic growth.

The meeting, themed “Improving Productivity in Our Manufacturing Sector Through Enhanced Infrastructure and Competitiveness,” also stressed the adoption of advanced technologies. Innovations such as automation, artificial intelligence, and data analytics were highlighted as essential tools for revolutionizing production processes, reducing waste, and enhancing product quality to meet global standards.

Vincent Egbe, Managing Director of GB Foods Limited, delivered a compelling address on the current economic challenges faced by Nigerian manufacturers. He detailed the impact of high inflation, unstable exchange rates, and restrictive fiscal policies, which have significantly threatened the viability of many businesses. Egbe emphasized the need for flexibility and innovation in overcoming these hurdles, advocating for a long-term vision grounded in a belief in Nigeria’s economic potential.

Egbe’s speech underscored the urgency of finding local substitutes for imported raw materials, given the soaring costs of imports. He suggested that focusing on high-quality local alternatives could ease the financial burden and create opportunities for export, leveraging the naira’s devaluation to benefit regional markets.

Another critical issue Egbe raised was the talent deficit affecting productivity. With Nigerian companies competing with foreign entities for skilled workers, the country is experiencing a brain drain that impedes progress. Egbe urged manufacturers to collaborate more closely and integrate backward into local sourcing to address this talent gap and ensure a steady supply of quality inputs.

Francis Meshioye, President of the Manufacturers Association of Nigeria, echoed these sentiments, emphasizing the importance of fiscal policy, infrastructure development, and competitiveness for the sector’s survival. He called on manufacturers to stay alert for opportunities despite the challenges and assured that MAN’s leadership would continue to advocate for solutions to the industry’s pressing issues.

Robert Ugbaja, Chairman of MAN’s Ikeja branch, expressed appreciation for the support from the Lagos State Government. He highlighted the AGM as a crucial platform for strengthening advocacy efforts in fiscal policy, infrastructure, and business competitiveness. Ugbaja stressed that these efforts are vital not only for the manufacturing sector’s growth but also for generating valuable foreign exchange for Nigeria.

The central message from the meeting was clear: the future of Nigeria’s manufacturing sector relies on a combination of innovation, collaboration, and adaptability. To overcome the current economic challenges, the industry must unite and leverage these strategies to transform adversity into opportunity, securing its role as a key driver of Nigeria’s economic progress.