Economic diversification, panacea for sustainable growth – Mirchandani
By Felicia Nwosu
Arjan Mirchandani, Chairman, Sona Group of companies has posited that diversification of the economy and a long-term planning will lead to a sustainable growth in Nigeria’s manufacturing sector. The business mogul stated this while speaking with MARKETING EDGE in an exclusive interview.
The Sona Group chairman pointed out that any country that operates a mono-economy, will find it difficult to have a sustainable growth. He related how his company, Sona Group of companies, was able to look inward for local materials such as plastic recycling which now yields about ten thousand tonnes. This, he said, is a way of building for continuity and sustainability, while revealing that his company has also been able to diversify by embracing various market segments in order to give consumers freedom to make choices.
The Sona Group boss advised that government should concentrate more on agriculture to diversify its economy to aid local materials for production, which he argued reduces importation. The seasoned manufacturer maintained that great opportunities abound for FMCGs in Nigeria with a dynamic and robust population of two million people who exist as customers, while being optimistic that the same opportunity exists for the nation’s economy in her earning of foreign exchange through its nature’s endowed raw materials.
“Great opportunities abound in the Nigerian manufacturing space. Government needs to find a way to focus on those fundamentals; they hold the keys to help the economy to survive. Industries can only grow based on a diversified economy. FCMG is a very big market, we have enough opportunity to export for foreign exchange, and we must try to work towards self-sufficiency. We need long term plan for industries of the future.”
Mr. Mirchandani explained that workers are manufacturers’ greatest assets, therefore there is need to cater for their all-round well-being. The business pathfinder called on the government to ensure that Covid-19 pandemic vaccination is available to sustain the labour market.
“Government must create a conducive business environment for manufacturers by partnering with the private sectors. Nigeria must try to get the vaccination to help sustain the labour market. It is very important to us, our labour force is our greatest assets, and workers who are unhealthy cannot be blamed for reduced capacity and inefficiency.”
The business leader noted that African products are quite competitive and exportable, but the lack of local material, unavailability of power supply and water supply for the beverage market have continued to pose a huge challenge for the manufacturing sector.
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