Made-in-Nigeria goods to boost economy

Small businesses and start-ups are the engines that will power Nigeria’s growth into the future.

Patronising Made-in-Nigeria goods will help spur diversification of the economy, create local jobs, and decrease unemployment.

The government on its part needs to motivate Nigerians to support locally made goods and services which will encourage entrepreneurship.

Regional Director for Sage in West Africa, Magnus Nmonwu made the submission on Thursday.

He said the Nigerian 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 40 percent of procurement to Made-in-Nigeria goods and services.

Made-in-Nigeria resonates with the theme of Africa Day on May 25, “Building a better Africa and a better world”.

Reviving economy
According to Nmonwu, “Local service providers and manufacturers could play an important role in the revival of Nigeria’s economy. We welcome the effort to encourage industrialisation and diversify the economy from commodities into new areas.”

“Government is putting its money where its mouth is with its Executive Order and giving the public a good example to follow,” Nmonwu said.

He stated that, “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 finance 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 financial controls. This could also help in tracking the performance of those that benefit from State loans and incentives and hold them accountable.”

Creating policies
“Infrastructure investment across roads, power, communications and ports are also important in spurring development of local industry.”

“There is enormous scope for government and the private sector to cooperate on creating polices and infrastructure that create an enabling environment for Nigeria’s business builders,” he stressed.

The Regional Director said “Sage would support initiatives to put business information and tools online to help entrepreneurs build their skills and access the resources they need, to be successful”.

“Another good idea might be for government to put together advisory boards with representatives from big businesses, small companies, the government and other stakeholders to understand the voice of small business and develop appropriate policies to help drive them.”

He added that, “Small businesses and start-ups are the engines that will power Nigeria’s growth into the future. The sooner we start supporting our proudly Nigerian suppliers and service providers, the better for us. With our support, they can create wealth and jobs for the country, and many of them could grow into globally competitive exporters.” 

Sage is the market and technology leader for integrated accounting, payroll and payment systems, supporting the ambition of entrepreneurs and business builders.

PR/Sammie Idika