Nigeria is set to host a major manufacturing conference in line with its ambitious industrial revolution plan that seeks to ensure the sector becomes a critical pillar of economic growth.
The Manufacturing and Partnerships for African Development (MPAD) conference and trade expo will be a platform for manufacturers to engage and share best practices in pursuit of the industrial revolution agenda.
The event, which will be held in Lagos from 18-19 November, will attract some of Nigeria’s top manufacturers who will not only discuss their vision for the sector but also look at practical solutions to challenges facing the sector.
“MPAD will seek to offer insight to the challenges facing the manufacturing sector and create a platform for players in the sector to engage and share best practices,” says Fotoula Fatouros, MPAD’s programme director.
Fatouros added that issues affecting the manufacturing sector ranging from securing finance, managing production costs, understanding the government’s role in the sector through policy and regulations, developing workers’ skill base and creating a culture of effectiveness through efficiency will be discussed.
The recent rebasing of Nigeria’s economy has put the spotlight on the country’s economy and more so their manufacturing sector. This comes after the government introduced the Nigerian Industrial Revolution Plan that targets to add about NGN 5 trillion to annual manufacturing revenues in the next three to five years.
The manufacturing sector currently contributes 6.8 per cent to the new gross domestic product yet the sector has even begun to tap into its potential with capacity utilisation standing at 48.24 per cent.
“The good news is that government has seen the need for manufacturing to take a more prominent stage in the scheme of national development and therefore making incentives available to encourage investment in the sector,”states Reginald Ike Odiah, Chairman of Infrastructure Committee, Manufacturing Association of Nigeria.
Access to power is a major challenge facing the manufacturing considering that companies spend about 40 per cent of their production cost on supply of electricity. This has forced them to invest in-house generating plant to be in a position to manufacture.
mPAD dates and venue:
Conference days: 18-19 November 2014
Venue: Eko Hotel, Lagos, Nigeria