Dr. Ifeanyi Okeke, Director General (D-G), Standards Organisation of Nigeria (SON), says Nigeria’s potential for investment and export diversification to generate higher economic growth remains underutilised.
Okeke stated this on Friday in Ilorin during his presentation at the Stakeholders meeting organised by the Manufacturers Association of Nigeria (MAN), entitled: “Industrialising a Challenged Economy.
The D-G, represented by the Kwara State Coordinator, SON, Mr. Ayenioye Feyisayo, said that the underutilisation was as a result of challenges in the industrial sectors.
He listed the sectors to include agriculture, health, oil and gas, and service sectors.
According to him, Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology and entertainment sectors.
“It is ranked as the 53rd-largest economy in the world in terms of nominal Gross Domestic Product (GDP), the sixth largest in Africa and the 27th- largest in terms of purchasing power parity
“Micro, Small, and Medium Enterprises (MSMEs) are also a vital part of Nigeria’s economy, employing many people and contributing to economic growth.
“Industrialisation by support of MSMES play a vital role in industrialising Nigeria’s economy, they account for 80 per cent employment and over 40 per cent of GDP evolving market conditions.
“Building MSME’s to adaptability in a changing market business climate will support their growth,” he said.
He advised on the need to revolutionise the agro-allied industries, such as animal husbandry, forestry and fisheries, with emphasis on the crop production sector.
The D-G called for adequate engagement of the manufacturing sector with the Nigeria National Quality Policy to formulate policies which would protect MAN and drive the economy to compete with the global market.
“The world is currently moving towards a single global market and only exceptional entrepreneurs with quality products and performances will dominate this market.
“The objectives of SON is ensuring that quality compliance is established and maintained so as to promote competitiveness of Nigerian products and services in the international market,” he said.
Earlier, Mr Mubarak Shittu, MAN Chairman for Kwara and Kogi States, MAN, appealed to government to create policies which promoted business entreprises in Nigeria.
“Although MAN is not an aluta group, it is, however, constantly engaging the government to ensure there is enabled environment on how industries can thrive.
“The programme is to deliberate with stakeholders on how industries can move, while encouraging high standards in manufacturing products in Nigeria,” he said.
