The world is experiencing an unprecedented rate of change, characterized by innovative technologies, evolving customer expectations, and a growing emphasis on gender equality and the inclusion of previously marginalized communities.
Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria (MAN) noted that these transformative shifts are significantly influencing the future of Africa’s manufacturing sector.
Ajayi-Kadir, emphasizes that these major changes are reshaping the landscape for African manufacturers. To thrive in the future industrial marketplace, African manufacturers must efficiently balance the economics of production and supply chains, produce high-quality products, cultivate loyal customer bases, establish robust logistics networks, and harness the power of online business elements, DG added.
He continues Technological advancements have ushered in the era of Industry 4.0, which represents the complete digitization of factories and manufacturing facilities.
In his words: This digital transformation is expected to merge seamlessly with the unique needs of individual customers, resulting in benefits such as customized product design and manufacturing processes, as well as swift time-to-market, all aimed at maximizing customer satisfaction.
Moreover, he pointed out that Industry 4.0 offers a multitude of advantages for manufacturers, including improved cost-efficiency, productivity, profitability, and streamlined operations.
Ajayi-Kadir Who is of the optimistic and confident said these opportunities also extend to small and medium-sized businesses, enabling them to create innovative business models and integrate into global value chains.
Despite concerns that Africa may lack the necessary prerequisites to capitalize on advanced technological initiatives, he added that the continent is unburdened by legacy infrastructure challenges, providing a higher degree of flexibility compared to more developed regions. Consequently, Industry 4.0 remains a significant opportunity for African manufacturers, giving the continent a competitive edge on the global stage.
Moreover, he reaffirm that the Fourth Industrial Revolution promises enhanced safety for manufacturing facilities. Machines excel in executing tasks in hazardous environments with greater accuracy and safety, thereby reducing workplace accidents and workman’s compensation claims. By promoting industrial safety, automated machinery allows producers to cut medical expenses, he said minimize downtime, save on long-term capital investments, and enhance overall productivity for African industrialists.
“With the rise of digitalization, barriers to entry in the manufacturing sector are diminishing, offering a positive outlook for new African market entrants who can be more agile than their larger counterparts.
“This translates into the availability of products and services that were once the exclusive domain of major incumbents.
“Experts are optimistic about Africa’s economic growth trajectory, considering it a viable alternative to other markets. Africa is acknowledged as the world’s fastest-growing continental economy, with its business-to-business (B2B) market playing a pivotal role.
MAN DG disclosed that the B2B expenditure in the continent’s manufacturing sector is projected to reach $666.3 billion by 2030, marking a $201.28 billion increase in just four years.
“As the buying power of Africa’s middle class continues to rise, demand for products and services across the continent is increasing, enabling sustainable economic growth and regional integration.
“Radical transformations within both the global and African manufacturing context will be seamlessly integrated into the entire supply chain, optimizing operations and stimulating efficiency and innovation for years to come.
By successfully incorporating advanced technologies into their systems, both existing and prospective African industrialists can expect to achieve even greater revenue and profitability. As the world continues to evolve, Africa remains resilient, benefiting from improved political stability, growing investment prospects, business-friendly trade agreements, Industry 4.0 adoption, the enforcement of policies supporting black and female manufacturers, and governmental funding solutions.
These factors collectively illustrate a positive and flourishing future for manufacturing in Africa.
“The upcoming 7th edition of the Nigeria Manufacturing and Equipment Expo (NME Expo) & the Nigeria Raw Materials Exposition (NIRAM Expo), Conference, and Exhibition, organized by the Manufacturers Association of Nigeria (MAN) and the Raw Materials Research and Development Council (RMRDC), is scheduled to take place at the Convention Centre, Federal Palace Hotel, Victoria Island, Lagos, from November 21-23, 2023. This event is poised to empower manufacturers on an international scale, enabling them to realize their true potential in the global industrial landscape, he concluded.