Industry

As manufacturers scour the globe for new growth opportunities, few markets offer greater long-term potential than Nigeria, which boasts an enormous domestic population, plentiful feedstock and limited market penetration. The total value of Nigeria’s manufacturing sector increased 7.55% in 2012, reaching N761bn ($4.8bn) at current base prices, up from N634bn ($3.9bn) in 2011. A globally competitive manufacturing sector is integral to Vision 20:2020, which aims to transform the country into one of the world’s top 20 economies by 2020. With production under capacity, Nigerian industry is operating well beneath its potential, increasing the challenge of competing with cheap foreign goods. However, the success of some local producers shows plenty of room for optimism about the sector’s long-term potential. This chapter contains interviews with Olusegun Aganga, Federal Minister of Industry, Trade and Investment; and Laurent L Philippe, Group President of Central and Eastern Europe, Middle East and Africa region, Procter & Gamble.