7 Problems of Nigeria Industries and Possible Solutions are listed and explained in this article. We hope you find it enlightening.
As large and important as the industrial sector remains, it faces a number of challenges which will be looked into in the course of this article.
Problems of Nigeria Industries
Some of the Problems of Nigeria Industries include:
1. Inadequate Raw Materials for the industries
A major problem of the Nigerian manufacturing industry is the inadequacy or unavailability of raw materials for its production. This poses a huge challenge to the sector and hampers production.
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Again, the importation of raw materials is very cost-effective and oftentimes, industries run at a loss because sales may not match up with expenditure.
2. Inadequate Manpower availability
The shortage of skilled manpower for the sector is a serious challenge to this sector.
The absence of highly skilled labor hampers the appropriate production capacity of the industry.
3. Unfavourable policies of the government
Most times, government policies and laws are not favorable for industries to easily thrive. This poses a setback to the industry because most terms cannot be met as a result of their unfavorable conditions. This hampers the smooth running of the industry.
4. Leadership and managerial challenges
Management and leadership of industries is yet another challenge faced by the sector. This leads to lapses in coordination and other related issues.
5. Power instability
The issue of power fluctuation in Nigeria has posed serious concerns about the growth and smooth running of industries in Nigeria.
It increases the cost of production and is quite expensive for the industries, which is not ideal for growing industries.
6. Marketing problems
Most times, indigenous products are not really patronized and this causes problems for the industries.
In a situation where products are not properly marketed, this hinders further production and this is a mess to the growth of such industries.
7. Presence of quacks in the manufacturing sector
Another serious challenge faced by manufacturing industries is the presence of quacks in the sector. The quacks go into adulteration of products originally manufactured by those companies and cause an uproar in the market. Such uproar leads to low demand for products from such companies.
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Some of the ways the Problems of Nigeria Industries can be curbed includes:
- To provide more raw materials for the industries, there should be provision for the production of these raw materials locally. Also, the industries should be much more involved in research and development so as to ensure substitution in raw materials especially in cases where the original raw materials aren’t readily available.
- The issue of power should be looked into critically. This will go a long way towards reducing production costs while enhancing greater productivity. Power generation agencies should be much more interested in scouting for new means of power provision. This will help the industries reduce costs.
- Lawmaking institutions should look into good legislation just to ensure that the plight of the industries is properly looked into. This is done to ensure that there is a level playing ground for the prevalence of industries.
- People saddled with leadership positions in industries should undergo routine leadership training so as to uphold good leadership principles all in a way of managing well.
- There should be more sensitization and awareness given to Nigerians on the need to patronize locally made products, as this will encourage more production.
- It should be the duty of standardization agencies to check and ensure that only high-quality products are sent to the market. This will reduce the rate of adulteration.
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Strict punishment should also be meted to defaulters as this scares away potential adulteration. The Nigerian manufacturing sector has contributed meaningfully to the growth of the economy amidst the challenges it has faced over the years. For a smooth-running, some of these challenges should be looked into and actually solved.