Have you ever heard about the sayings that Nigeria is a consumer-driven economy? The Manufacturing sector in Nigeria is currently growing faster than the telecommunications, oil and gas and agricultural sectors. Nigeria’s large population of upwardly mobile consumers, coupled with investments in power, implies that the strong growth of manufacturers, including food producers and breweries, is sustainable. Manufacturers in ….Nigeria had attributed the remarkable increase recorded in capacity utilization within the last year to favorable government policies, especially with respect to industry, trade and investment. Manufacturing in Nigeria also potentially provides you more leverage from your investment of money than many other categories of business. Since you are adding value to raw materials, equipment, and capital costs, you can often be quite profitable.
How to Start Manufacturing in Nigeria
Manufacturing can be challenging, but the rewards can be great — both emotionally and financially.
The first and the most important of all is, of course, an idea. I often hear people say, I need to make money and my question is, are you the government? It is absolutely illegal to make money. This idea- that you need to make money to have it – limits you to believing you must trade time for money. Quit thinking about making money and think in terms of collecting it. When you trade something of value with the public you will get money in return. However, if you are interested in how to start your own manufacturing business you most likely already know what you would like to produce. Nevertheless, it is crucial that you are absolutely sure that the product you wish to produce is actually needed. After all, you have to sell your product if you want to succeed. There are no guarantees that people will like your product, however, this is a risk every entrepreneur needs to take.
Things to do first:
• Idea about what to Manufacture
• Research on the products and its target market
• Find the location for your factory and office
• Register your company with the corporate affairs of Nigeria
• Raise funds from Loans, Savings, SMEs funding program, Donations.
• Buy the Machines needed (preferably from India or China).
• Assemble the Machines
• Employ few worker at first
• Start Manufacturing
• Promote your Products
• Sell Your products
Running Your Manufacturing Company in Nigeria
Management is an important aspect of business and many company fail simply because of the way they are managed. As the Owner of the company, it is your duty to set up a great team that will achieve the objectives of the company. You have to build a good team, inspire them to do more, acknowledge their success, avail a better working condition for them, give them task to do with limits, provide the opportunity to them in taking some key decisions, make sure they love what they do and promote them when necessary.
2. FINANCIAL PLAN:
This is another good aspect of business. Hire some good accountants to assist you on this area. Get advice from reliable accountants. Make sure everything is documented and done properly. Regulate their work and access their progress.
Marketing is a good branch of business that is very important in making your products known to the people. Hire people with marketing knowledge who can identify the target market for your product. Create a marketing strategy and share it with them for effective implementation.
The 4cs and 4 ps-
- • Consumer wants/needs-VS-Products: – You have to study consumer wants and needs and then attract consumers one by one with something each one wants.
- • Cost-VS-Price: – One of the most difficult places to be in the business world is the retailer selling at the lowest price. If you rely strictly on price to compete you are vulnerable to competition – in the long term.
- • Convenience-VS-Place: – Place is where the customer meets the salesperson. This may be a retail establishment, the customer’s home or office or some other places.
- • Communication-VS-Promotion: – Promotion is the tool that the market uses to inform the population about the product. In order for somebody to know they can get the product from a place for a price, they’ll have to have that product promoted to them in one way or another. Promotion exists in many forms, and it continues to evolve to this day.