The Manufacturers Association of Nigeria (MAN) has partnered with the Raw Materials Research and Development Council (RMRDC) to reduce the rising cost of production that is affecting many manufacturing businesses in the country.
Speaking at a press conference for the 2023 Nigeria Raw Materials and Manufacturing & Equipment Expo on Monday, Hussaini Ibrahim, director-general/CEO of RMRDC, said the collaboration with MAN is strategic as the roles complement each other.
“This underscores our partnership in co-hosting these yearly expositions to maximise the benefits to our common stakeholders, who continually aim to reduce the cost of manufacturing amid the rising cost of raw materials and process equipment,” he said.
He said the council has assiduously worked over the years with stakeholders to increase manufacturers’ access to both basic and secondary raw materials.
“The primary production of several strategic agricultural raw materials like cotton, sorghum, tomatoes, cocoa, sheet trees, oil palms, soya beans, cane sugar, cashew, fruits and sesame have been boosted by providing specific farmers with improved seeds or seedlings as the case might be,” he added.
Francis Meshioye, president of MAN, said the theme of the event which is ‘Future Manufacturing: Building a Sustainable Roadmap to the Industrialisation of Nigeria’ will hold on November 21-23, 2023.
“The theme holds particular significance in the current context, highlighting the need for stakeholders to engage in in-depth discussions on the importance of forward-thinking, environmentally responsible and industry-supportive strategies in manufacturing,” he added.
According to Meshioye, the focus is squarely on discussions and solutions that will drive the manufacturing industry towards a prosperous and sustainable future.
“We’ll explore innovative strategies, cutting-edge technologies, and sustainable practices that can contribute to the growth of the entire African manufacturing ecosystem.”
Rising cost of raw materials and process equipment is fast becoming a menace for local manufacturers, as it continues to shrink profits and threaten the existence of this critical sector of the economy.
More worrisome is the fact that the sector, which should propel job creation, productivity and economic growth, is being plagued by a series of challenges that constantly limit its contribution to the Gross Domestic Product (GDP) growth, chief of which is rising production costs.