Experts harp on local production for economic growth
Experts have stressed the need to build local capacity for materials required to develop the manufacturing industry in Nigeria. They also called for policies that would encourage the young population’s effort towards manufacturing and business development.
Speaking at the Propak West Africa 2021 Exhibition, yesterday, organised by Afrocet Montgomery Group, Executive Director, Sales and Marketing, Redstar Express Plc, Victor Ukwat, noted that Nigeria is Africa’s third largest importer of plastics in primary forms, with 28 per cent locally produced and 72 per cent imported.
According to a report, the packaging industry is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately eight per cent during the forecast period of 2021 to 2026.
He said, however, that the packaging industry is attracting investment due to increasing input in several end user industries such as food processing, cosmetics and household care, among others.
“Packaging is a critical element of marketing communication value chain. And industry and agriculture are economic sectors where packaging is a major business component,” he said.
According to him, the flexible packaging industry in the country is witnessing significant demand, owing to its versatility and increase in youth population and consumer spending.
He listed lack of raw materials, inadequate knowledge of sustainable packaging and unpredictable exchange rate as challenges facing the manufacturing industry in Nigeria.
Speaking on the subject, ‘Meeting Sustainability Goals: How Are Brand Strategies Evolving?’ General Manager, Bio Generics Pharmaceuticals, Osamede Uwubanwen, called on firms to ensure sustainable projects are part of their organisations’ activities.
He called on brands to use eco-friendly packaging, stressing that a lot of consumers now focus on brands that are evolving sustainably. “By focusing on both the customer focused business objective and the purpose of an organisation, mindful brand evolution builds a win-win into the brand strategy, messaging, voice expression and story,” he said.
He described brand packaging as a way to ensure a brand is tracking well in its sustainability goal. He urged companies to focus on aspects of sustainability that suit their mission to achieve best results.
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