The manufacturing industry serves as a catalyst for economic growth, job creation, and technological advancement; it adds value to the economy and fosters innovation and productivity, according to Tumi Adeyemi, founder and CEO, ZenoLynk Technologies Limited.
This was disclosed recently at the third Equipment and Manufacturing West Africa (EMWA) Expo in Lagos themed, ‘Reigniting Manufacturing to Drive Growth and Development’. EMWA 2023 provided a platform for participants at the exhibition and conference to reflect on the economic turmoils that trailed the COVID-19 pandemic and examine recovery efforts made to catalyse growth in the sector.
In his address, Adeyemi noted that although Nigeria’s manufacturing sector is faced with obstacles such as inadequate infrastructure, unreliable power supply, bureaucratic bottlenecks, etc, it possesses immense potential for growth and development.
“The African Continental Free Trade Area (AfCFTA) agreement offers a golden opportunity for Nigeria’s manufacturing industry,” he said.
Read also: LCCI unveils group for young entrepreneurs to curb unemployment
According to him, “By capitalising on this vast market of 1.3 billion people and eliminating trade barriers, Nigerian manufacturers can expand their reach, tap into new markets, and bolster export-oriented production. This agreement calls for strategic planning, increased competitiveness, and product diversification to position our manufacturing sector as a regional powerhouse.”
Ishmael Balogun, president, Nigerian-Indonesia Chamber of Commerce and Industry, noted the importance of bilateral trade and investment, technological advancements, and global engagement to optimise the potential of the manufacturing industry in Africa’s largest economy, saying: “Between 2021 and 2022, the trade balance between Nigeria and Indonesia grew by 81 percent, from $2.6 billion to $4.7 billion. We hope to open up new territories to discover more and expand our reach.”
Joseph Oru, founder, Zenith Exhibition and convener of EMWA, in his presentation, stressed the importance of embracing technology and knowledge sharing to boost the manufacturing sector.
He described EMWA as a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge.
“EMWA is a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge. It is a platform where manufacturers, suppliers, industry experts, and stakeholders come together to showcase their latest advancements, exchange knowledge, and forge fruitful collaborations,” he said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
