The business world is filled with diverse opportunities which can be leveraged upon for productive engagement and for wealth creation. This is because the human needs abound greatly and everyday man takes a conscious effort towards ensuring that he meets these various human needs and wants. The history of man from its earliest civilization has seen him coming up with various innovations using the basic simple materials which he sees around him. From the earliest of men which were called the cave men he has risen to become a manufacturer has he rises through the various level of civilizations which has seen various innovations coming from him which has always seen various advancements as man himself move higher the civilization stage.
The insatiable needs and wants of men has seen the rise and growth of several industries which are aided by the readily available natural resources which he has at his disposal. It is with these various natural resources which he gets the raw materials which he needs to create and manufacture various innovations into finished goods and products. The demand for varieties of these produced or manufactured finished goods and products has seen man stepped up its game to having an arrays of products for a specific needs or task.
The manufacturing industry is responsible for producing goods. Typically, these goods are produced in large factories, as compared to more artisanal kinds of production that are considered a type of craft-making rather than manufacturing, per se. Manufacturing can also include the building of infrastructure, such as roads and facilities for producing and distributing water and power.
Each nations of the world have certain raw materials which are peculiar to them and in most cases these raw materials as peculiar to them determine and greatly influence the type of manufacturing industry which they have while in some other cases, some nations of the world largely depend on the importation of raw materials from other nations to build and complement their manufacturing industry. However, the bane of this article is not to dwell more on the manufacturing industry but rather on the manufacturing business in Nigeria.
By definition, a manufacturing business is any business venture that makes use or utilizes raw materials, parts, and components to amass finished goods and products.
Manufacturing businesses and ventures uses and engages machines, computers, robots and other sophisticated equipment’s to produce several products and merchandise and typically use an assembly line, which enables a product to be put together step by step, moving from one workstation to the next.
Manufacturing Business in Nigeria
Considering the fact that the Nigerian nation has an estimated population of over two hundred million inhabitants and the daunting realization that there are just only six nations in the world that boasts of a bigger population figures more than that of Nigeria brings about the acknowledgement of the fact that within the Nigerian populace there is a big market economically for the Nigerian populace as by virtue of the high population there is a huge demand for various products and goods.
The Nigerian populace which keeps growing every year on a very big astronomical rate no doubts uses several products which comes in various varieties. These various products or goods ranges from toothpaste to soap to clothes, bags, furniture’s, plastics among many other products. However, while there is a large population in the country which implies that there is a large demand from the high Nigerian populace for different goods and products it is however sad that the nation does not have enough industries that can lead to the creation and establishments of businesses that will see to the provisions of these various products and goods which could have met the demands of the Nigerian populace. And as a result of this there are many products that are being consumed by Nigerians, but just a few which are made and produced in Nigeria. Contributing to the hurting realities is the fact that there are various moribund industries in Nigeria which if are in full operations would have bridged these gaps between what we manufacture and what is produced
There are various importance that comes with the manufacturing business in Nigeria, they are listed below
This is one of the most important benefit of manufacturing business in Nigeria, as through the creation and intense drive of manufacturing outfit in the nation, the creation of more jobs for the high numbers of the unemployed youths in the nation.
Another major importance and benefits that comes along with manufacturing business in Nigeria is that it affords the nation an opportunity to create wealth. The owner of these businesses not only get to acquire wealth but also the government too as in the process of running these business outfits, their sales and exportations, the nation national domestic income is increase which increased the financial wits of the nation.
Participation in the global economy
Owners Manufacturing business enables the businesses owners participate in the global economy, this is made possible through the export of these goods and products which they produce. There are various nations of the world who are in high demand for various products and when the respective activities and production of a manufacturing firm is focused on producing the products which are in high demand in other nations it enables them to plug into this market and make international sales on the global markets
Types of manufacturing industries in Nigeria
Paper products industry
Rubber and plastics manufacturing
Furniture and wood products
Leather and footwear production
Computers and electronic products
Coal products and petroleum
Steps to Start Paint Manufacturing Business in Nigeria
Starting a manufacturing Business in Nigeria can be quite challenging as it requires a lot of details and resources to starting it. Unlike the small and medium scale business outfit in the nation which requires little or no capital to starting them, manufacturing business requires a huge number of resources as well as time. Listed below are some of the process involved in starting a manufacturing business in Nigeria.
- Planning and funding– this is a very important factor which must be noted in starting a manufacturing business in Nigeria. It is important that you put in a lot of research into this venture, consult people who knows and have a good knowledge of the venture and also do well to understand how the industry is and what it takes to starting and operating a manufacturing business. Decide on what type of manufacturing business which you intend venturing into. Do well to search that there is a high demand for it and ways in which you can build on the existing market for the chosen product to be manufactured. It is important that your product has its own uniqueness that is it is important that it stands out from others of its type. Also ensure that you have the funds to doing this. Draw a business plan, work with it. Also it is important that while you are planning this that you determine the availability of raw materials for your intended products. When it is easy to get raw materials it becomes easier for you to produce.
- Registration and legalities– it is important and pertinent that you register your outfit with the federal government of Nigeria under the office of the corporate affairs commission. There are certain charges which are attached to doing this and they vary with the business type. When your business outfit is properly registered it gives you the full license to operate freely in Nigeria without been harassed and unnecessary disturbed
- Location– in citing the location for your manufacturing business in Nigeria, it’s important that you think about a location that is nearer to the source of the raw materials to be used. Also it is important that the location has good road network and access to power supply, when these are put in place it makes it easy for you to run your business enterprise without having to use high cost to transport your raw materials to the manufacturing firm as well as having a stable supply of electricity for running the machines and facilities
- Marketing– there is a need for you to invest heavily in marketing your finished products. Production is one issue and the marketing is another. You have to put up measures and ways through which you can give visibility to your business and products. There are various platforms through which this can be achieved, the use of the media is one way through which you can do this, that is by running ads on the various media outfits like televisions ads, radio ads, newspaper ads, also you can do this through the use of the social media like Facebook, twitter, Instagram while the use of other online platforms which are basically created for the purpose also goes a long way in doing this. Online platforms like Delon Market allows its users to advertise their products free of charge while it enables them to have a bigger and a larger reach compared to other platforms in Nigeria
By Marcus Amudipe