Manufacturing companies facing Challenges now-a-days

If your big idea is a physical product or gadget, you may need to enlist the service of a contract Manufacturing companies in Nigeria to bring your product to market.

There are number of challenges facing many manufacturing companies today. The environment and economy of Nigeria has changed tremendously as the activities of these MNCs cut across the fact of the Nigerian sectors: finance, banking, industrial, manufacturing, telecommunication, power, etc.

Nigeria, said to be giant of Africa and with a robust population of over 150 million, can boast of bountiful supply of human resources, both skilled and unskilled, made up of men and women, account for the capital base of the nation.

The market is continually changing and the conditions are quite scary. The market has shifted and keeps shifting. This calls for continual market study and quick response to the needs of the market. Production materials prices keep fluctuation/rising thereby causing unstable product prices. Buyers are luxurious products are coming down to buy standard products, and those buying standard products are now demanding for budget-priced products. The bulk of buyers for budget-priced products cannot afford them anymore and thus create vacuum in sales. This has greatly affected company's sales.

The rate at which things are changing is unimaginable - prices, market, labour, machines, exchange rate, interest rate, etc. Many companies have to fold up. The protection of company's capital is becoming difficult. Other companies are relocating to neighboring countries where the environment and government legislation are favorable to their businesses.

These and more are the challenges facing modern manufacturers and operations chiefs need to be proactive. It is time to develop and deploy more strategies around operations - review strategies existing strategies to know those that are still working and relevant and discard those that obsolete.

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