By David Agba Abuja
Th e 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 40% of procurement to Made-in-Nigeria goods and services. Regional Director for Sage in West Africa, Magnus Nmonwu, who stated this said a strong government push to encourage Nigerians to support locally made goods and services would help encourage entrepreneurship.
“Th is, in turn, could help spur diversifi cation 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,” he adds. “We welcome the eff ort 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.”
Government is putting its money where its mouth is with its Executive Order and giving the public a good example to follow, says Nmonwu. However, there is scope for the public sector to do more to encourage the growth of small businesses in Nigeria, including tax incentives for local producers, support in accessing fi nance, and facilitating mentoring and skills development programmes between small business and bigger companies. Government should encourage small businesses to adopt business software so that they can improve regulatory compliance and fi nancial controls. Th is could also help in tracking the performance of those that benefi t from state loans and incentives, and hold them accountable, says Nmonwu
