By Joy Baba-Yesufu
With Africa being regarded as the world’s fastest-growing continental economy and its business-to-business market fundamental to this boom, B2B expenditure in the continent’s manufacturing landscape is projected to reach $666.3 billion by 2030, $201.28 billion more than it did four years ago, the Manufacturers Association of Nigeria (MAN) has said.
In a statement, the association’s Director General, Segun Ajayi-Kadir, said if local manufacturers can efficiently balance a combination of efficient economics of production and supply chains, strong and reputable products, loyal customers, an established logistics network as well as reliable on-line business elements, they will be well-positioned in the future industrial marketplace.
Adding that the world is changing at an unprecedented rate in terms of innovative technologies, shifting customer expectations, as well as increasing social awareness of gender equality and restoration of previously marginalised communities, he said these major shifts have a considerable impact on the future of Nigeria and Africa’s manufacturing sector.
“As the world continues to shift, subsequently affecting all aspects of industry as we know it, Africa’s manufacturing sector has proven resilient. Technological advancements have given rise to the revolutionary Industry 4.0. This phenomenon represents the complete digitisation of factories and manufacturing facilities that will ultimately merge with the unique needs of individual customers, resulting in benefits such as customised product design and manufacturing processes, as well as speed to market, in order to maximise customer satisfaction levels.
“Industry 4.0 brings with it a host of additional benefits for manufacturers such as cost, productivity, profitability and operations that manufacturers are striving to control, streamline, optimise and enhance. Similarly, these opportunities extend to small and medium businesses, allowing them to establish new business models and integrate into global value chains,” he stated.
According to him, despite concerns that the continent lacks the requirements of global advancements to capitalise on innovative technological initiatives, African countries are uninhibited by infrastructure legacy challenges, thereby providing a higher degree of flexibility than their developed counterparts.
“In the face of increasing digitalisation, barriers to entry to the manufacturing sector are dwindling, translating into a positive outlook for new African market entrants, who are more flexible than their larger, more cumbersome counterparts, thereby providing products and services that were once the exclusive domain of major incumbents.
“As the buying power of Africa’s middle class continues to rise, demand for products and services across the continent subsequently increases, thereby enabling sustainable economic growth and the much-needed integration amongst regions. Radical transformations within both a global and African manufacturing context will be integrated into the entire supply-chain, thereby optimising operations and ultimately stimulating efficiency and innovation for years to come. By successfully assimilating advanced technologies into their systems, existing and prospective African industrialists can expect to realise even greater revenue and profits from their investments.
“As the flagship symposium of the continent’s entire industrial sector, the up-coming seventh edition of the Nigeria Manufacturing and Equipment Expo (NME Expo) and the Nigeria Raw Materials Exposition (NIRAM Expo) Conference and Exhibition, organised by MAN and the Raw Materials Research and Development Council (RMRDC), taking place at the Convention Centre, Federal Palace Hotel, Victoria Island, Lagos, from November 21-23, 2023, is set to empower manufacturers to rise on an international scale and realise their true potential,” he said.
