A player in the Nigerian manufacturing sector and manufacturers of DR Browns and Nightingale products, Wemy Industries, has reiterated commitment to economic growth as it expands to other African Countries.
This was stated by the managing director, Mr. Paul Odunaiya during his interview on Channels TV Business Morning on Wednesday, February 21, 2024 where he shed light on the strategies employed by the company to navigate the challenging economic landscape in Nigeria.
In response to the harsh economic realities in Nigeria, Odunaiya stated that Wemy Industries has expanded its market reach by focusing on exportation to other African countries. Leveraging the stronger value of the CFA compared to the Naira, he said, the company has successfully increased production capacity due to heightened demand in these markets.
Highlighting the importance of backward integration, he further discussed Wemy Industries’ proactive approach to reduce constant importation of raw materials and revealed the ongoing conversations with local cotton farmers in Nigeria to cultivate raw materials for production, expressing hope that, in the future, manufacturers will rely less on imports for their raw material needs.
Odunaiya underscored the need for the government to shift its focus beyond petroleum and prioritise support for industries. He emphasised the pivotal role of agriculture, trade, and industries in solving Nigeria’s economic challenges. He urged the government to consider a holistic approach to economic development.
Additionally, he introduced Wemy Industries’ new venture, Rokice, an industrial ice cubes manufacturing company, as part of the company’s diversification strategy. This move aligns with the company’s commitment to exploring new business avenues dedicated to driving innovation, sustainability, and economic growth in Nigeria.
Expressing optimism about Nigeria’s future, he remarked that the nation would overcome its current challenges. He urged Nigerians to embrace locally produced goods and advocated for a shift in consumer behaviour from constant reliance on imports to supporting domestic products. He emphasised the collective responsibility of both the government and entrepreneurs in finding solutions to the nation’s economic issues.
