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Wemy Industries, a leading Nigerian manufacturing company, is pursuing economic diversification and regional expansion to drive growth.
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The company has expanded its export market to other African countries, leveraging the stronger CFA currency to increase production capacity.
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Wemy Industries is focusing on backward integration by engaging with local cotton farmers to cultivate raw materials, reducing reliance on imports.
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Managing Director Paul Odunaiya urged the government to prioritize support for agriculture, trade, and industries to address economic challenges holistically.
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As part of its diversification strategy, Wemy Industries has launched a new subsidiary, Rokice, to manufacture industrial ice cubes, fostering innovation and sustainability.
Eko Hot Blog reports that Wemy Industries, a leading Nigerian manufacturing company, is actively pursuing economic diversification and regional expansion as part of its commitment to driving growth and prosperity.
In a recent interview on Channels TV Business Morning, Managing Director Mr. Paul Odunaiya shed light on the company’s strategies to navigate the challenging economic landscape.
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“Wemy Industries, manufacturers of DR Browns and Nightingale products, has expanded its market reach by focusing on exportation to other African countries,” Odunaiya stated. Leveraging the stronger value of the CFA compared to the Naira, the company has successfully increased production capacity due to rising demand in these markets.
Emphasizing the importance of backward integration, Odunaiya discussed Wemy Industries’ proactive approach to reduce constant importation of raw materials. “We are having ongoing conversations with local cotton farmers in Nigeria to cultivate raw materials for production, expressing hope that, in the future, manufacturers will rely less on imports for their raw material needs,” he said.
Odunaiya underscored the need for the government to shift its focus beyond petroleum and prioritize support for industries. “The government needs to consider a holistic approach to economic development, prioritizing agriculture, trade, and industries in solving Nigeria’s economic challenges,” he urged.
As part of its diversification strategy, Wemy Industries has ventured into industrial ice cubes manufacturing with its new subsidiary, Rokice. “This move aligns with the company’s commitment to exploring new business avenues dedicated to driving innovation, sustainability, and economic growth in Nigeria,” Odunaiya added.
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With its emphasis on backward integration, regional expansion, and diversification, Wemy Industries aims to be a driving force in Nigeria’s economic transformation, paving the way for sustainable growth and prosperity.
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