Developing Nigerias Manufacturing Sector for Global Competitiveness

A sure way to taking Nigeria towards greater heights or making giant strides would be when she
is able to diversify her economy and have acquired the ability to export items produced from her
own agriculture and manufacturing sectors. From the literature, the manufacturing sector is
opined to have the highest potential for achieving a broad-based and diversified economy.
The consumer goods value chain which evidently is so much aligned towards an inelastic
appetite for foreign goods and leading for low patronage of Nigerian manufactures especially by
Nigerians and foreign trade statistics released by the NBS from Q4 2014 to Q3 2015 revealing a
quantum capital flight of $34.84 billion (N6.94 trillion) spending on imports are reasons among
many for which the sector(s) need to be revitalized, one through local products innovation
product rethinking - for global standard compliance, another through optimum
social/institutional infrastructural support to address varied infrastructural deficits/challenges
which spurs the cost of doing business.
If Nigeria therefore is to tap into the full potential of the industry, more strategic partnerships
would need be explored, both in the formal and informal sectors, like as reiterated by the
Minister of Power, Works and Housing, Mr. Babatunde Fashola that as much as $1 billion (N2
trillion) are estimated to be lost yearly to poor state of the countrys roads thus limiting the
growth of intra, inter-state and inter African trade; her educational investment, through her
curriculum, among her vibrant populace would need be re-defined and industry-oriented; and
domestic alternatives in raw material sourcing need be exploited as a worthy means most
especially to evade the prevailing forex crisis.