By Fatima Mohammed-Lawal
Dr. Ifeanyi Okeke, the Director General (D-G) of Standards Organisation of Nigeria (SON) has observed that Nigeria’s great potential for investment and export diversification to generate higher economic growth remains underutilized.
Okeke stated this in Ilorin during his paper presentation at the Stakeholders Meeting organised by the Manufacturers Association of Nigeria (MAN), entitled: “Industrializing a Challenged Economy.
The D-G who was represented by the Kwara State Coordinator of SON, Mr. Ayenioye Feyisayo said that the underutilization is 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 GDP, the sixth largest in Africa and the 27th- largest in terms of purchasing power parity,” he said.
Okeke pointed out that Micro, Small, and Medium Enterprises (MSMEs) are a vital part of Nigeria’s economy, employing many people and contributing to economic growth.
“Industrialization by support of MSMES play a vital role in industrializing Nigeria economy, they account for 80 percent employment and over 40 percent of Gross Domestic Product Evolving market conditions.
“Building MSME to adaptability in a changing market business climate will support their growth,” he said.
He advised on the need to revolutionize the agro allied industries, such as animal husbandry, forestry and fisheries, with emphasis on the crop production sector.
The director general called for adequate engagement of the manufacturing sector with the Nigeria National Quality Policy to formulate policies that will protect MAN and drive the economy to compete with the global market.
“The world currently is moving towards a single global market and only exceptional entrepreneurs with quality products and performance that would dominate this market,” he said.
He underscored the objectives of SON in ensuring that quality compliance is established and maintained so as to promote competitiveness of Nigerian products and services in the international market
Earlier in his welcome address, the MAN chairman for Kwara and Kogi State, Mr. Mubarak Shittu appealed to government to create policies that promote business enterprises in Nigeria.
He pointed out that though MAN is not an aluta group, it is however constantly engaging the government to ensure there is enable environment on how industries can thrive.
Shittu stated that the programme is to deliberate with stakeholders on how industries can move, while encouraging high standards in manufacturing products in Nigeria.
