Nigeria has a current population of close to 200 million people.
If you don’t think that’s substantial enough, consider that there are only six countries in the world that have a population bigger than that of Nigeria.
From an economic perspective, that’s a huge market and there is a high demand for products that are required by this market.
The Nigerian consumer uses different products on a daily basis. Everything from lotion, toothpaste, soap, clothes, phones to the cars and buses that carry them around and the petrol in these vehicles. All these products are consumed in Nigeria but a lot of these products are not made in Nigeria.
A lot of finished products in Nigeria are imported from countries that have grown and developed a very competent manufacturing industry. These countries have profited from the developmental benefits that a flourishing manufacturing sector provides. A country as big as Nigeria can also benefit from a revamped manufacturing sector. Here is a short list of the benefits of manufacturing in Nigeria.
Value-adddition to our local resources:
Nigeria is blessed with a variety of natural resources. The country is home to a lot of agricultural products and minerals. With the vast amount of raw material in the country, a lot of extra value can be created by converting these raw-materials to finished products. The production of these finished products creates value that resides within the country. Check out the list of raw materials in Nigeria from the Raw Material Research and Development Council.
Making relevant products:
Besides adding value to our natural resources, a well established manufacturing sector in Nigeria will create an environment where the products created for Nigerians are made with a proper understanding of the needs of Nigerians. Currently imported products that flood the Nigerian market are not produced with an intimate understanding of its end consumers.
This might be the most important benefit of manufacturing in Nigeria. With vast youth unemployment in the country, manufacturing is one of the only sectors next to agriculture that can create a significant amount of jobs for the currently unemployed in the country.
Participation in the global economy:
Unlike other countries that have strong manufacturing sectors, Nigeria is limited in its participation in the global economy. Currently, our dependence on oil revenues has limited our ability to properly engage in a diverse global trade. Manufacturing will enable the country produce a variety of products that can be exported to other countries. These exports will fetch higher value for Nigeria than the value generated by exporting unprocessed raw materials.
So if these are the benefits of manufacturing, why isn’t Nigeria a manufacturing giant. Well, manufacturing in Nigeria has its challenges that are holding it back from reaching its true potential. If the industry is properly supported by every Nigeria, the benefits stated above can be realized. So what can you do to contribute to the development of Nigeria’s local manufacturing sector? There are several ways to contribute to this goal but you can start today by simply making a conscious effort as a consumer to buy Made in Nigeria products.