Nigerian Federal Government should be commended for putting the spotlight on local manufacturers through initiatives such as the Made in Nigeria Dress Days and an Executive Order compelling state agencies to direct at least 40% of procurement to Made-in-Nigeria goods and services.
That’s according to Magnus Nmonwu, Regional Director for Sage in West Africa, who says a strong government push to encourage Nigerians to support locally made goods and services will help encourage entrepreneurship. This, in turn, he said could help spur diversification of the economy, create local jobs, and decrease unemployment.
Made-in-Nigeria resonates with the theme of Africa Day (25 May) – “Building a better Africa and a better world”.
“Local service providers and manufacturers could play an important role in the revival of Nigeria’s economy,” Nmonwu noted, adding that “We welcome the effort to encourage industrialisation and diversify the economy from commodities into new areas. Strong local demand is the foundation of a manufacturing sector that can grow into an export industry”.
He further stated that Government should encourage small businesses to adopt business software so that they can improve regulatory compliance and financial controls. This he said could also help in tracking the performance of those that benefit from state loans and incentives, and hold them accountable.
He said Sage would support initiatives to put business information and tools online to help entrepreneurs build their skills and access the resources they need to be successful.
Nmonwu said government might need to put together advisory boards with representatives from big businesses, small companies, the government and other stakeholders to understand the voice of small business and develop appropriate policies to help drive them, adding that infrastructure investment across roads, power, communications and ports are also important in spurring development of local industry.
“There is enormous scope for government and the private sector to cooperate on creating polices and infrastructure that create an enabling environment for Nigeria’s business builders.
“Small businesses and start-ups are the engines that will power Nigeria’s growth into the future.
“The sooner we start supporting our proudly Nigerian suppliers and service providers, the better for us.
“With our support, they can create wealth and jobs for the country, and many of them could grow into globally competitive exporters,” he concluded.