Nigeria’s Packaging Industry Growth Rises $2.5bn
Nigeria’s manufacturing sector has been described as a crucial driver of economic growth, as new data shows the country’s packaging industry is valued at $2.5 billion and projected to expand by about 5 percent annually.
George Pearson, Regional Director at Montgomery Group, disclosed this at the ongoing 12th edition of Propak West Africa, the region’s premier trade event for packaging, plastics, printing, and processing. He noted that the packaging industry alone contributes around 10 percent to Nigeria’s Gross Domestic Product (GDP).
He said: “The latest Gross Domestic Product, GDP figures show that the packaging industry contributes 10 percent to the Nigerian economy. So really, the industrial or the manufacturing sector for Nigeria is a crucial industry”.
Additionally, he pointed out that despite global headwinds, Nigeria’s manufacturing sector contributes a resilient 9.6 percent to GDP and the economy continues to show encouraging stability and growth.
He said a significant trend driving this resilience is the strategic shift to local sourcing.
His words: “It is inspiring to see that many factories now procure over 50 percent of their inputs locally.
“This shortens supply chains, improves control over specifications, and significantly boosts compliance with international standards – a critical step for competing on the global stage. “The opportunity is not just to meet standards, but to set them. The opportunity is for West Africa to become a leading supplier of quality, sustainable packaging for the entire region.
“This evolution is precisely why Propak exists. Our vision is to be West Africa’s leading platform for driving advancements in these vital industries.
“Our mission is to support Nigeria’s, and indeed the region’s, industrial evolution by connecting people, ideas, and technology”.
Also speaking, Assistant Director, Corporate Affairs and Communications, Manufacturers Association of Nigeria, MAN Segun Alabi, said they are not leaving any stone unturned.
“We ensure that we have engagement with our members to ensure that we emphasise on sustainability and, very importantly, on the sources of their energy and power.
“Our focus is alternative source of power. And we will ensure that our alternative source of power is something that is very pro-environment, and it has no side effect on the public. We do this by ensuring that most of our members use solar and also get what is needed for them to achieve full capacity and full utilisation of their various factories.