FMN Chairman Highlights Critical Steps for the Optimization of the Manufacturing Sector During his Keynote Address at the Ongoing Nigeria Manufacturing and Equipment Expo

In light of its huge potential to the development of the Nigerian economy, the Chairman of FMN, Mr John Coumantaros has highlighted the critical steps that needs to be taken to optimise the manufacturing sector in the country. He made this known in a keynote address that was delivered during the ongoing Manufacturing Equipment Expo (NME) and Manufacturing Partnership for African Development (mPAD).

He began by commending the organisers of the event for choosing a theme which presented a golden opportunity to tackle the numerous challenges that are bedevilling the manufacturing sector. The theme “Optimizing Value Chain to Maximize Growth and Competitiveness in the Manufacturing Sector” critically examines the potentials of a vibrant manufacturing sector, the attendant challenges and the roadmap to the manufacturing sector that is reminiscent of the age and technology that we have found ourselves. He said.

According to him “Holistically, manufacturing itself is essentially the main component of all value chains. Manufacturing can be accomplished through the efficient, and careful development of value chains that facilitate higher-value-added processing using locally produced inputs and services in production. For manufacturing in Nigeria to truly succeed and play its rightful role in being a significant contributor to GDP, we must look at all aspects of the value chain – from inbound Raw material procurement all the way to sales and after-sales service”.

While lauding varied government initiatives, the FMN Boss urged the federal government to continue to implement reforms that would attract the much-needed investments — citing the Central Bank of Nigeria and the Bank of Industry as few of the government agencies that are doing so much to boost the stamina of local industries and their opportunities to compete in a favourable environment.

In conclusion, he indicated that more can be done to help the productive sector which is central to the economy and livelihood of a millions of Nigerians.

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