Ask Nigeria Header Logo

Manufacturing technology is needed for growth

Photo of author

By Okunloye Abiodun

Advancement in manufacturing technology will be the catalyst for transformation.

A significant emphasis has been placed by the Nigerian Society of Engineers (NSE) on the importance of using manufacturing technology in order to achieve both economic growth and sustainable development. Managing Director of BUA Foods Plc and member of the NSE, Mr. Abioye Ayodele, presented the submission at the 8th College of Fellows Round table Symposium of the Society, which took place on Monday in Abuja. The symposium’s main topic was “Re-Engineering and Organizational Competitiveness for Manufacturing Firms in Nigeria.”

According to Ayodele, the adoption of advanced manufacturing technology will be the catalyst for a transformative shift, which will unlock a multitude of benefits for the nation. The use of manufacturing technology is not only a choice for Nigeria and Africa in general; it is an essential requirement from a strategic standpoint. As a result of this, the country is positioned to become a dynamic actor in the constantly changing environment of the 21st century since it creates the groundwork for economic progress, innovation, and global competitiveness.

Nigeria should be ready to compete in the global market.

Improving the production environment should be the primary goal of Nigerian manufacturing enterprises if they are to remain competitive in the face of global market forces. Major issues with competitiveness measures need serious attention. He listed education, workforce investment, strategic mechanisms for developing human capital, and productivity as some of these problems. Among the many challenges that Ayodele listed as needing attention are those pertaining to partnerships, research and development, the physical infrastructure system and technology, funding to unlock technology, investment in manufacturing, and support systems.

It is necessary for them to decide to consume what they produce, safeguard it, and prioritise purchasing items made in Nigeria. This would enable policy and diversification of local consumption practices. Increasing the country’s economic well-being and advancing to the next technological frontier are both goals that nations and businesses are working hard to achieve. According to Ayodele, the importance of advanced technologies having a significant impact on the competitiveness of companies and countries has increased.

Both human and non-human resources must be leveraged.

While discussing competitiveness and its driving factors, the Chairman of the Governing Council of Nigerian Institute of Personnel Management, Mr. Wale Adediran, pointed out that there were limitations to competition. A country’s competitiveness is based on its national strategy, the complexity of its demand conditions, the relationship between the manufacturing ecosystem and the rest of the economy, and finally, its human and non-human resources. Adediran emphasised the importance of all professional bodies working together to encourage the government to enact sound policies that will influence the future of manufacturing.

About 10% of Nigeria’s annual GDP comes from the country’s manufacturing sector. Ibadan, Lagos, and Port Harcourt are some of the major cities in the south of the country that are home to a significant amount of manufacturing activity. The production of everyday items, consumer goods, autos, agricultural products, mining, cement, and other building materials, among other things, includes millions of people. Cement and construction materials, chemicals and fertilizers, beverages and food, tobacco, wood, and textiles make up the bulk of Nigeria’s manufacturing sector.

Nigeria has witnessed a significant shift in the industry.

Compared to other years, Nigerian manufacturing industry has performed significantly recently. There has been an increase in interest in government incentives, such as lower prices for domestically produced goods and services and an increase in production in the manufacturing sector as a whole. This has been achieved through measures such as import bans, discriminatory foreign exchange policies, cheaper financing, and other measures that make imported goods and services either too expensive or completely unavailable to consumers.


Related Link

NSE: Website


The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool - Snopes.com

5 1 vote
Rate This Article
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
AN-Toni
Editor
3 months ago

Manufacturing technology is needed for growth. – Advancement in manufacturing technology will be the catalyst for transformation.Express your point of view.

Kazeem1
Member
2 months ago

Development requires manufacturing technologies. Transformation will occur as a result of advancements in manufacturing technologies. Technology evolution is necessary for the expansion of our economy and for our advancement in the contemporary world. We ought to embrace this trend as technology has contributed to improvements and ease of life.

Taiwo
Member
2 months ago

Technology development in manufacturing is essential for promoting growth and change. Adopting and funding manufacturing technology would surely stimulate economic growth and support nations’ ability to compete on the world stage.

Adeoye Adegoke
Member
2 months ago

Absolutely! Advancement in manufacturing technology is indeed the catalyst for transformation and growth. With the rapid pace of technological advancements, embracing new manufacturing technologies can lead to increased productivity, efficiency, and competitiveness. Automation, robotics, artificial intelligence, and data analytics are revolutionizing the manufacturing industry, enabling companies to streamline processes, reduce costs, and deliver high-quality products more efficiently. By investing in manufacturing technology, Nigeria can enhance its industrial capabilities, attract foreign investment, create job opportunities, and drive economic growth. It’s exciting to see how technology can shape the future of manufacturing and contribute to the overall development of the country. Let’s embrace these advancements and unlock the full potential of the manufacturing sector in Nigeria!