By Victor Nze
Regional Director for Sage in West Africa, Magnus Nmonwu, has commended the Federal Government 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 per cent of procurement to Made-in-Nigeria goods and services.
“Local service providers and manufacturers could play an important role in the revival of Nigeria’s economy,” he adds. “We welcome the effort 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. 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,” said Nmonwu.
Continuing, Nmonwu said: “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.”