Wemy Industries Calls For  Support For Local Manufacturers To Boost Nigerian Economy

Paul Odunaiya, an industrialist and Managing Director of Wemy Industries Limited, has called for support for local manufacturers, saying that it is the only way to boost the Nigerian economy.

He made the call during Wemy Industries’ 2022 Distributors’ Conference tagged, ‘Crossing the finishing line’ held on Thursday in Lagos.

Speaking at the conference, the manufacturer of diapers and health products said, “We want to implore the government to support us because we don’t think we are getting the support that we need.

"If we have the support of the government, this business and company will be a lot bigger. There will be more people patronising local businesses and less importing,”

Odunaiya also said the situation of the economy has been really tough for the local manufacturers.

“Nigeria has perpetually been in an economic crisis over the last 10 years. But we have stayed ahead of the curve through discipline, hard work, sacrifice, and giving up equity in our business to get investors, going against the grain, investing early in things, and looking at the future and seeing that the exchange rate is going to be worse,” he said.

He said for the country to be less dependent on the outside world, the government needs to invest in human capital, machinery, and business 

“Due to the need for importation, the high demand for the exchange rate of the dollar is crippling our economy and business,” he noted.

He explained that despite the harsh economic environment, the key to financial stability and reduction of poverty in the country is investments within many local industries.

Odunaya further said that inflation had affected the cost of goods, meaning that the cost of goods had gone up.

“If you are manufacturing your goods, the impact is less with backwards integrating and using local inputs.

"Although we import 80 per cent of our raw materials in the long-term, Wemy and other local industries will benefit from inflation because we are constantly reinvesting and using local skills.”