Wemy Industries reiterates its commitment to economic growth as it expands to other African countries.
The Managing Director of Wemy Industries, Mr Paul Odunaiya, stated this during his interview on Channels TV Business Morning recently 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 said Wemy Industries had expanded its market reach by focusing on exportation to other African countries.
“Leveraging the stronger value of the CFA compared to the Naira, the company has successfully increased production capacity due to heightened demand in these markets,” he said.
He underscored the importance of backward integration, noting the company’s proactive steps to reduce reliance on imported raw materials.
He further mentioned ongoing discussions with local cotton farmers in Nigeria to cultivate raw materials, expressing optimism for reduced import dependence in the future.
Odunaiya underscored the need for the government to shift its focus beyond petroleum and prioritise support for industries.
He acknowledged the pivotal role of agriculture, trade, and industries in solving Nigeria’s economic challenges.
Odunaiya urged the government to consider a holistic approach to economic development.
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.
Meanwhile, he encouraged Nigerians to adopt locally manufactured goods and promoted a change in consumer habits from excessive dependence on imports to endorsing domestic products.
Odunaiya underscored the government’s and entrepreneurs’ shared responsibility in addressing the nation’s economic challenges.
