Nigerian manufacturers can only stand a chance in the global market if their products can compete favourably with their counterparts abroad, the Central Bank of Nigeria (CBN) announced yesterday.
Director, Consumer Protection and Financial Department, CBN, Dr. Aisha Olatinwo broke the news during the town hall meeting of the Bankers Committee in Lagos.
Tagged, ‘Enhancing the competitiveness of Nigerian products; drew participants from the government functionaries, business community including manufacturers, bankers, auditors, tax consultants, amongst others.
She noted that local businesses have potential to thrive in the global market, however admitted that there are a number of constraints militating against the growth of Nigerian-made goods.
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Olatinwo, who was represented by the Deputy Director, Consumer Protection and Financial Department, CBN, Nelson Amuwa hinted that the bank is working to address these constraints in quality, packaging, branding, and global market readiness that hinder the growth of locally made goods and services.
“These challenges include, Nigerian products often lack the quality and packaging standards required to compete in global markets. Locally made goods and services need better branding to increase their visibility and appeal in global markets and businesses require support to prepare for global market competition.
“The CBN initiative aims to, support Nigerian businesses in enhancing their competitiveness through capacity building initiatives and investment in technology, encourage collaboration among financial institutions, business leaders, regulators, and policymakers to identify and dismantle barriers to growth and increase exports by raising standards to meet international requirements and inspiring confidence in locally produced goods,” she stressed.
The banking sector, she reiterated, is expected to play a crucial role in supporting businesses in enhancing their competitiveness.
“The banks can provide training and capacity building programs to support businesses in improving their quality and global market readiness. Support for investment in technology to enhance productivity and competitiveness and access to finance and other financial services to support business growth and expansion.”
Echoing similar sentiments, the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subair acknowledged that the financial sector has a role to play in ensuring the continuous survival of businesses.
Subair, represented by his Senior Adviser, Tokunbo Akande said the taxation plays a crucial role in business sustainability and growth, adding that the importance of a transparent and efficient tax system in driving business environments cannot be overemphasised.
He noted that Lagos State has experienced significant economic growth, with its share of national GDP growing from 18.38per cent in 2019 to 22.36per cent in the first half of 2024.
“The state’s real GDP growth is projected to grow from N63 billion in 2023 to N66.5 trillion in 2025. Notably, 91per cent of Lagos’ GDP comes from trade, ICT, and financial services, which are key drivers of entrepreneurship and national growth,” he stated.
He further said that the LIRS remains committed to ensuring a tax system that is fair, efficient, and conducive to business growth.
“It is through taxation that we build the infrastructure, services, and policies that businesses require to flourish and innovate. At LIRS, we remain committed to ensuring a tax system that is fair, efficient, and conducive to business growth, while also encouraging compliance and promoting corporate social responsibility. I am confident that through continued collaboration among all stakeholders, including regulators, financial institutions like yours, policy makers, and business leaders, we can create an environment that fosters not only economic growth, but also social equity and inclusion,” Subair stressed.
“The Bankers’ Committee plays a vital role in facilitating financial inclusion and driving Made-in-Nigeria products. By working together, stakeholders can unlock the full potential of Nigeria’s financial system and promote export diversification and support local businesses.”
While delivering his keynote address, Dr. Bamidele Ayemibo said manufacturers need to adopt the product quality, packaging and product branding.
These measures, he emphasised, would ensure the competitiveness of Nigerian products in both regional and global markets.
Raising some posers, Ayemibo said, “From manufacturing to fashion, to technology, and to the industry, our ability to compete depends on how well we can align to embrace productivity and deliver consistent, high-quality products that command respect in global markets.
“By deepening these partnerships, we can identify and dismantle barriers to growth, encourage innovation, and scale up the support structures that enable enterprises to thrive in competitive environments. The Nigerian banking sector remains a critical industrial foundation to build Nigerian products, opportunity-building initiatives, and investment technology. Banks are well-positioned to support businesses in enhancing their competitive opportunities,” he stressed. .
Nigerian manufacturers, he said, “should ensure that the products are attractive and suitable for specific markets. And utilise packaging as a branding tool. Packaging can serve as a critical component of branding. Nigeria should design packaging that not only protects the product but also tells the story and resonates with the consumer.”
Also speaking at the event, the President of the Manufacturers Association of Nigeria (MAN) Otunba Francis Meshioye, who described the town hall meeting as timely, lamented that the operating climate for the manufacturing subsector has been anything but friendly.
According to him, manufacturers spent a whopping N1.3 trillion on the cost of funds in 2024 alone even as he lamented that the soaring interest rate which oscillates between 35-37 per cent was a disincentive to business.
He would rather the CBN and the Bankers Committee come up with long-term financing options for manufacturers at favourable terms that would drive and not strangulate business concerns.
“It is critical at this point for the CBN and the Bankers Committee to fund production at cheaper rates, and also fund backward integration, amongst others. That’s only to cut down the excess amount expended on cost of funds which is adversely affecting production in the country.”