Director-General of, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, stressed the need for the ‘Nigeria First’ policy to become a binding law.

He argued that this would promote transparency, raise public awareness, and ensure enforcement across both public and private sectors.

He said without legal consequences for violations, the policy risks becoming another unenforced recommendation.

He insisted that heads of organisations, including CEOs of public agencies, must face penalties for non-compliance.

Ajayi-Kadir added that mere directives are insufficient without systemic incentives for backward integration and local content development.

“By prioritising and actively supporting locally made goods, consumers stimulate demand for domestic products, encourage increased manufacturing and pave the way for export growth with fewer rejections”, he said.

Linking the surge in unsold manufactured goods to dwindling consumer purchasing power, exacerbated by inflation and high production costs, he said when disposable incomes shrink, demand for local products decline, leaving the market vulnerable to smuggled and substandard imports.

In his own submission, the External Affairs Director, British American Tobacco (BAT) West and Central Africa, Odiri Erewa-Meggison, highlighted the critical role of human capital, sustainability and policy consistency in driving Nigeria’s industrial growth.

She reiterated how domestic market stability fuels global competitiveness.

“It is important to ensure that Nigerian-made goods are competitive and can generate much-needed FX”, she said.

Despite opportunities in the sector, manufacturers acknowledged significant challenges hindering the patronage of made-in-Nigeria products, including low consumer purchasing power, the influx of substandard and smuggled goods and skyrocketing production costs.

The panel session discussed navigating Nigeria’s economic turbulence through innovation, policy reforms and collaborative governance.

Chief Executive Officer (CEO) of Coleman Technical Industries Limited, George Onafowokan, highlighted how erratic power supply and poor infrastructure inflate production costs.

“30 per cent of production costs go to diesel purchase alone. Until Nigeria fixes electricity, manufacturers will struggle to compete globally,” he said.

Noting that more foreign investors are entering Nigeria to establish businesses despite prevailing economic challenges, even as some local businesses continued to complain about the operating environment, he urged local manufacturers to look inward and explore opportunities within the country.

Decrying the issue of multiple taxation, he the malaise remained detrimental to the sector.

In the same vein, the founder of Zetamind Consulting Limited, Adetunji Aderinto, remarked that foreign investors often recognise prospects in the Nigerian market that many local manufacturers overlook.

Aderinto advised manufacturers to reduce costs through technology adoption and data utilisation.

Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, criticized government’s inconsistent policies, citing the sudden four per cent import levy proposed by customs in Q1 2025.

“Arbitrary regulations disrupt planning. We need a Manufacturing Policy Council to align stakeholders before decisions are made”, she said.

On his part, the DG of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, noted that only 12 per cent of SMEs understand the African Continental Free Trade Area (AfCFTA) procedures, urging trade associations to scale awareness campaigns.

He called on the Federal Government and the Central Bank of Nigeria (CBN) to take urgent steps to curb inflation while urging state governments to focus on people-centric development rather than internally generated revenue.

Hallmarknews.com