Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria
Introduction
Over the past few years, Nigeria has registered considerable progress in the different manufacturing sectors and medical consumables and accessories are fast becoming an emerging market front. For instance, cable manufacturing has been experiencing reasonable growth, especially there is a constant demand for better structures and enhanced technology. This sector has therefore been a yard stick as to how other local sectors could be supported to grow to this capacity.
But this is not limited to cables only as there are many other aspects that have the capability of growing further. The increase in the growth and importance of the medical consumables and accessories market is evident due to the growing requirement of better medical facilities in the country and greater focus on enhancement of the overall healthcare system. Nigeria with changing health care demand and relatively high investment on health services is an ideal market for establishing a manufacturing base for medical consumables.
The intent of this guide is to help those who are intending to step into this exciting field through providing details step by step. This is a guide to investment in medical consumables or accessories manufacturing plants in Nigeria for the entrepreneur who wants to invest in a new business; or the existing giant who feels the need to diversify. Beginning from the conception of the challenge such as the understanding of the market in which the production and manufacturing of medical equipment cost will take place through to the identification of the regulatory framework that need to be complied with and other operational issues involved in the establishment of a manufacturing enterprise in the Nigerian medical sector, this guide seeks to provide all the necessary information that would be required to start and effectively run a manufacturing enterprise in this sector.
Importance of Establishing a Local Manufacturing Plant for the Medical Consumables
Setting up a manufacturing plant for medical consumables in Nigeria will definitely revolutionize the availability and cost of these products in Nigeria. Manufacturing of medical supplies domestically can result in decreased dependence on import products which can be pricey, thus making it cheaper for the institutions or patients. This is more so especially for a country that presently faces a major issue of affordability when it comes to healthcare.
Developing Local Economy and Creating jobs
A local manufacturing plant does help the healthcare sector because it provides machines and equipment which is essential for the medical facilities. Beginning from operators to managers and secretaries, a manufacturing plant may be able to absorb employees from all levels. Furthermore, the concerns of sweeper businesses and other logistics and raw material suppliers resulting from growth of the core industries adds to the expansion of the economy.
Promoting Self-Reliance and Innovation
This poses a high risk to a country since the country becomes vulnerable with supply of medical consumables to the international market and supply. The formation of one in Nigeria will help increase the rate of local manufacturing and little dependence on imported products more so in enhancing innovation in the medical departments. Such autonomy can, therefore, help in coming up with new and/or regional solutions to the challenges facing health care.
Meeting Local Demand Efficiently
The Nigerian health care industry is growing or developing at a very fast pace due to the exponentially growing population of Nigeria as well as the general awareness of health. Having a manufacturing plant within a region means that the supply of the medical consumables is secured in a way that the increasing demand is met efficiently therefore reducing shortages within the health sector.
Opportunities/Benefits of Establishing a Cable Manufacturing Business Company in Nigeria
Growing Market Opportunity
The healthcare market in Nigeria is rapidly growing fueled by government spending, foreign direct investment as well as growing middle income population. This growth proves that there is a huge market that manufacturers need to embrace since there is a high demand in medical consumables and accessories.
Government Support and Incentives
The Nigerian government has not been relenting in its effort in encouraging the production of goods made in Nigeria through a number of incentives. Some of them include: Tax incentives, which entails provision of exempting import duty on some materials especially those used in the manufacturing industries, and grant and financing of industrial ventures. These incentives can go a long way toward minimizing fixed costs and increasing profitability for those suppliers that successfully enter into an agreement.
Location Advantage And And Trade Relations Location
The location of Nigeria in West Africa makes it easy for the country to compete with other regional players to export its products to the neighboring countries. Also, trade accords within the Economic Community of West African States (ECOWAS) allow for ease of cross-border trading as well as growth opportunities.
Infrastructure and Technological Advancements
Several improvements in infrastructures and technologies have defined the feasibility of the creation of a manufacturing plant in Nigeria. Technological developments in the transportation, energy and communication industries can facilitate most of the operations and distribution thus improving the general operations of manufacturing companies.
Competitive Labor Costs
Beside political risk, they craft following advantages: Nigeria has standard rates of labor costs compared with other areas for manufacturing operations. Although quality of the work produced depends on skilled labor, cost of labor plays an important role in attaining improved profit margins and, therefore, organizational viability.
Business Registration
The process of establishing a cable manufacturing plant in Nigeria is of great importance and some of them are, registration of the company and acquisition of license. This article is the guide you need to read in order to understand how to go through this process.
Business Registration or Incorporation with the Corporate Affairs Commission (CAC)
Choose a Company Name
Choose a name of your business and ensure that you meet all the set CAC regulations. The name cannot be similar to the name of any other company and it cannot be against any trademark.
Reserve Your Company Name
Online Reservation: Go to the CAC website, and apply for online name reservation. This helps check whether the name adopted is available from the social media platforms or not.
Required Information: As for the proposed name, please describe it, and also attach information regarding your business operations.
Prepare Required Documentation
Memorandum and Articles of Association: Prepare these memorandum which concern the goals and management of the company.
Forms: Fill in the CAC registration forms which may include the forms such as the CAC1. 1 for registration.
Directors and Shareholders Information: Give identification documents and additional information about the directors and shareholders of the company.
Submit Application
Online Submission: You should apply through the CAC online portal where you will submit your application and the documents.
Fees: Provide the mandatory registration fee which may differ in regard to the type and size of the company.
Obtain Certificate of Incorporation
If the process is accomplished successfully, then you will be awarded a Certificate of Incorporation. This document creates your business legally as an entity in the business world.
Register for Taxes
Tax Identification Number (TIN): Go to the nearest office of the Federal Inland Revenue service (FIRS) to obtain a TIN.
Value Added Tax (VAT): If you are doing business activities that make you eligible for vat registration you should register for VAT.
Building Your Team
It is not just the case of identifying the appropriate location and having the necessary permits for cable manufacturing plants in Nigeria but rather creating the right team of professionals who will transform the business into a success story. The following is a brief description of some of aspects which comprise staffing, training and development as well as health and safety that are crucial in developing a competent team in this industry:
Staffing Requirements
Engineers
Electrical Engineers: These professionals are very essential in designing and production of the cable products. They make a point of ensuring the cables they handle are technically as well as physically appropriate. Electrical engineers are expected to possess knowledge in cable design, materials science as well as electrical standards.
Mechanical Engineers: Supervise all the machinery and equipment that is used in the production process of firms and companies. They are saddled with responsibilities of installation, management and improvement of manufacturing equipment.
Process Engineers: Consequently, one could focus on the realization of operational improvements in manufacturing processes in order to gain improvements in efficiency as well as frugal costs. Their main role is that of leading the process improvement and identifying any problems that arise with the processes.
Technicians
Production Technicians: Maintain and run different production tools. Their activities involve installation of machines, performing of regular maintenance as well as inspection and repair of any problems that may occur in the process of production.
Quality Control Technicians: It is also important to ensure that those cables which are completed should be of good quality. They conduct tests and inspections so as to ensure that products being taken to market are standard and also meet certain regulations.
Production Staff
Machine Operators: Operate the production line machinery, some of the duties that will be carried out include feeding the production line materials, checking on the machines to ensure they are properly run.
Assemblers: Conduct work on cables and more specifically on the various elements of cables such as the insulation, the conductors and the outer sheathing. In this context, they have to pay much attention to the accuracy of their work and the quality as well.
Support Staff
Administrative Staff: Oversee organizational matters of the plant ensuring, records, time-tabling and liaising with other divisions of the plant.
Logistics and Supply Chain Staff: Supervise the purchasing and supply of the raw materials, storage and issue of the finished products. They make sure that a particular material is in place at a certain time and the end-product gets to the consumer on time.
Training and Development Programs
Onboarding Training
Orientation Programs: Explain the goals and objectives of the firm to any new workers that join the company and also the standard procedures of the business. This includes making them acquainted with the organizational norms, rules as well as standards.
Technical Training: Conduct comprehensive training, aim at the detailed training of the machinery, tool, and technology used in cable manufacturing. This gives the assurance that the employees within that organization are well trained in how to use the equipment and also compliance with the right procedures that need to be followed.
Skills Development
Continuous Education: Provide employee’s training in the form of attendance to workshops, seminars and courses on cable technology as well as new methods of manufacturing cables.
Certification Programs: It is beneficial to recommend other certifications like quality control, electrical and mechanical engineering, operation of machines among other certifications to the staff for acquisition to make them professional.
Leadership and Management Training
Supervisory Training: Teach aspects like team work, leadership, conflict solving and other interpersonal communications to team leaders or supervisors.
Management Development Programs: Equip the upcoming leaders for higher responsibilities by imparting knowledge in the areas of strategic planning, decision making and project management.
Health and Safety Training
Safety Protocols: Explain to the employees current requirements of the health and safety laws that relate to the manufacturing of cables and security measures in handling cables.
First Aid Training: Make it mandatory that the staff must take some lessons in the handling of emergency incidents such as first aid.
Health and Safety Protocols
Workplace Safety Standards
Personal Protective Equipment (PPE): This involves ensuring that appropriate PPE including gloves, safety goggles, helmets and ear protectors among others are procured and used for protection of the employees at workplace.
Machinery Safety: A set safety measures should be put in place to ensure that there is no incidences of accidents within the company premises as well as having a proper maintenance schedule for all machines used in the company.
Environmental Controls
Ventilation Systems: Proper arrangements should be taken to prevent the formation and accumulation of dust, fumes or any form of air borne particles that may have adverse health effects on the workers.
Waste Management: Develop procedures for the management of hazardous waste and chemicals in industries so as to prevent harm to the environment as well as conform to the set rules and regulations.
Emergency Procedures
Emergency Response Plan: Educate each employee about the following: a list of emergency exits, emergency contacts, and appropriate action in the case of fire and chemical leaks and any other type of occurrence.
Regular Drills: This should be carried out severally so that the employees are well conversant with the safety drill and can act appropriately in the occurrence of the tragedy.
Technical Requirements
Health Programs
Health Screenings: Provide the ability to check on an employee’s health with or without symptoms every now and then so that they can be checked on and possibly screened for any health issues they may be having or are likely to be having.
Wellness Programs: Organize physical/mental health activities including exercises/therapy to ensure the organizational employees are healthy thus improving productivity.
The establishment of a cable manufacturing plant in Nigeria has several technical factors that have to be taken into consideration in order to produce good quality cables that can compete in the market. This paper identifies the principal technical specifications related to cables manufacturing technology options, and machineries, quality control and assurance.
Equipment
Cable Manufacturing Technology Options
Copper Cables
Technology Overview: Copper is known to be a good conductor of electricity and hence cables made from copper are commonly used in transmission of both electrical power and data. They are mostly used in connections as diverse as domestic electrical installation to telecommunication.
Production Process: The processes that are involved in the manufacture of copper cables includes the following;
Drawing: Metal wire such as copper is reduced in thickness by pulling it through a number of dies to acquire the respective thickness.
Insulation: To further protect the drawn copper wire and to ensure its resistance to electrical interference and physical damage, the wire is covered by some insulating materials like PVC or XLPE or cross-linked polyethylene.
Assembly: Individual insulated wires are grouped in cables with additional layers of shielding and or protective sheath for added protection and functionality.
Fiber Optic Cables
Technology Overview: Fiber optic cables are employed in data and communication with high speeds being involved. Some of the benefits associated with the use of fiber optic cables are; they possess relatively high bandwidth, they suffer from minimal signal attenuation, and they are not easily affected by electromagnetic interference.
Production Process: The following are the process of making fiber optic cables:
Core and Cladding Production: Fiber optic cables are created by pulling glass or plastic thread like materials and then stretching and thinning them. The two layers also known as the core and the cladding are cut in a very accurate manner to channel light signals through the fiber.
Cable Assembly: The optical fibers are placed in a group into a protective cover and further have an enhanced Jacketing for strength.
Testing: Attenuation, dispersion and bandwidth performance specifications of fiber optic cables are checked during testing in order to meet the stipulated performance standards.
Hybrid Cables
Technology Overview: These cables combine copper with fiber optic wires and provide electrical as well as data transmission in one cable. They are employed for numerous purposes, that include timely communication service provision and industrial operation regulation.
Production Process: Hybrid cables are those cables which are formed by incorporating copper conductors and optical fibers in the same cable which can demand intricate assembly and insulation.
Equipment and Machinery Requirements
Copper Cable Manufacturing Equipment
Wire Drawing Machines: These machines used to thin copper wire to the required operational diameter by drawing it through a series of progressively narrower dies.
Insulation Extruders: employed for the application of insulating materials to the drawn copper wires. These extruders melt the insulating material so as to cover the wire after having passed over it.
Twisting and Cabling Machines: These machines coil and join insulated wires into cables. It guarantees proper positioning of wires and proper tension on cables.
Sheathing Extruders: The final outer layer of protection, that is, the outermost sheath consisting of PVC or other related materials, needs to be applied to the cables only after they have been assembled.
Fiber optic cable manufacturing equipment
Fiber Draw Towers: The huge equipment that forms a part of the process of pulling the optical fibers from the preform rods is known as. These towers keep a very close check on the drawing process in order to control the quality of the fiber.
Fiber Coating Machines: Coat the drawn fibers with some protection layers in order to increase its strength and functionality.
Stranding Machines: Group several optical Fibers together to form a cable, and cover the Optical Fibers with another jacket if necessary.
Cable Testing Equipment: Commonly consists of equipment used in the testing of the optical characteristics like OTDR and Insertion Loss tester.
General Manufacturing Equipment
Quality Control Instruments: Specimens for experimenting electrical characteristics, mechanical performance, and resistive capability of an insulation material. This may include: dielectric testers, tensile testers and thermal chambers, among others.
Packaging Machines: Make sure that all cables are properly cooked and packaged as per the standard of the company before they are shipped out.
Maintenance Tools: Maintenance, repair equipment and tools used in the routine maintenance and /or repair activities of manufacturing equipment.
Measures and Procedures for Quality Control and Quality Assurance
Raw Material Inspection
Material Quality Checks: Check on copper conductors, the insulation materials as well as optical fibers for compliance with laid down specifications and standards.
Supplier Quality Management: Develop and cultivate working relations with material suppliers and conduct periodic assessments on the suppliers’ capability to supply quality materials.
In-Process Quality Control
Monitoring: Required to oversee production activities frequently to ensure that manufactured products have not developed some form of defect.
Testing: Conduct periodic tests while the fabrication of the cables, for example, insulation resistance, conductor continuity tests, and fiber attenuation.
Final Product Testing
Electrical Testing: It can also apply to test finished copper cables and some necessary parameters include voltage withstand, insulation resistance and conductor resistance.
Optical Testing: For fiber optic cables, the tests that can be done are attenuation test, bandwidth test and signal test.
Mechanical Testing: Evaluate the mechanical characteristics of cables, tension and flexibility for cables to determine their durability.
Certification and Compliance
Standards Adherence: This made sure that the cables are up to standard and acceptable in Nigeria and internationally which includes NIS, IEC and UL certified.
Quality Management System: Adopt a procedure for the systematic review of the QMS; documentation of procedures; and an ongoing program of improvement.
Customer Involvement: Feedback and Organisation Learning
Customer Feedback: Take their feedback and compile them to be used to determine where the company needs to make changes and address concerns of quality.
Continuous Improvement: Conduct thorough and frequent analysis and modification of production standards, quality assurance, and development training to improve on the quality of the product and performance of the processes.
Environment And Social Considerations
However, while establishing a cable manufacturing plant in Nigeria, environmental and social impacts to support the sustainability of the production and better relations within the society should be identified. The purpose of this essay is to discuss the organization’s need to perform the Environmental Impact Assessment (EIA), to enforce the appropriate measures of mitigation, and to participate in social responsibility with the locals.
Main areas to be covered under EA include: Environmental Impact Assessment and Mitigation Measures
Environmental Impact Assessment (EIA)
Purpose of EIA
Identification of Impacts: That way, an EIA assists in evaluating the possible consequences of the manufacturing plant on the environment such as the atmospheric, water, ground and biological surroundings.
Regulatory Compliance: Similarly, in Nigeria there is provision for conducting an EIA in accordance with the National Environmental Standards and Regulations Enforcement Agency (NESREA). This is done with a view of ensuring that the organization and its operations adhere to all the set environmental laws and policies that are in force in the country where the organization is located.
EIA Process
Screening: Identify the need to carry out a full EIA depending on the size and type of the project. This entails undertaking an evaluation of the likely effects the plant may have together with an assessment of the environment within which it will be situated.
Scoping: Pre Discover significant factors for the environment and areas that require further scrutiny. In this phase, the identification of stakeholders and other pertinent individuals is done with an aim of identifying the nature of the assessment to be conducted.
Impact Assessment: Make a feasibility study of the impacts of the environment and include the following factors; discharge of emissions, water usage, noise, and wastes. Scientific methods should be employed to identify the probable level of these effects alongside the use of models.
Mitigation Measures: The following approaches should be worked out to address the established environmental impacts. This may also encom-place technologies to minimize emissions, waste disposal methods, and any other conservation of local Wildlife and natural resources.
Report Preparation: Present the findings and the recommendation in an EIA report which will contain overviews of the individual and particular reports. For this, the following measures have been described: the possible effects on the environment, measures which may be taken to minimize the adverse effects, and how the effects will be assessed and action to be taken in the future.
Public Consultation: Avail the EIA report and present it to the public and other stakeholders as and when required. Resolve any points that have been raised and consider adding some of them into the plan as well.
Mitigation Measures
Air Quality Management
Emission Control: Reduce the emission of particulate matter and organic compounds by using air filters and scrubbers from manufacturing processes.
Regular Monitoring: Establish an emission control program to monitor the quality of air being emitted to the environment to check whether it meets the set standards or not and also to take the necessary measures in case of a breach of standards.
Water Management
Effluent Treatment: Many water treatment facilities should be constructed to ensure that any water to be released undergoes certain treatments. This involves the wearing of suspended particles and other processes so as to make the water being produced to meet the right standard of the environment.
Water Conservation: Practice water conservation by using procedures like the recycling and reuse of water in the plant in a bid to reduce the use of water.
Waste Management
Waste Segregation: Sort waste materials into dangerous and non-dangerous waste, so that it can either be disposed of or recycled.
Recycling Programs: Establish the programmes for the recycling of copper and plastic that can be reprocessed and incorporated in production.
Noise Control
Noise Abatement: Implement noise barriers and ensure that the equipment is well maintained to minimize noise pollution. Adopt measures that can be taken to reduce means by which noise is produced in working places.
Biodiversity Protection
Habitat Preservation: Do not interfere with populations’ natural environment and its related elements. Devise strategies of mitigating effects of construction and operation on the various species of plants and animals within the region.
Financial Planning
Available funds and sources of financing for start-up business laurence
In the process of setting up the cable manufacturing plant in Nigeria it is essential that the investor must need a lot of initial capital. This capital entails every aspect in the establishment of the facility or leasing of the facility, acquisition of machinery and equipment, purchase of the first batch of raw materials and other expenses that are incurred at the initial stage of the business operation. The total start-up capital on the other hand depends on size of the plant and the type of cable products to be produced. For a mid-sized plant, this amount could range from $5 million to $15 million, covering costs such as:For a mid-sized plant, this amount could range from $5 million to $15 million, covering costs such as:
Facility Costs: Expenditures incurred towards purchase of the land for the construction of the plant or lease of the manufacturing plant.
Machinery and Equipment: Forces that have shaped the industry include acquisitions of better technologies for wire drawing, insulation, extrusion and testing.
Initial Inventory: Hiring of copper, insulating materials, optical fibers among other necessities for raw materials.
Operational Costs: To cater for the first needs of employing staff, purchasing utilities and other operational costs.
Funding Sources
Several funding options are available for financing a cable manufacturing plant:Several funding options are available for financing a cable manufacturing plant:
Equity Financing: The most common source of funding is_management insiders, investors or venture capitalists who can invest money as owners of the company. This can help in the case of seeking to raise huge capital in order to avoid going into debt.
Debt Financing: Financing from banks or other financial institutions can offer required money in form of loans. This option entails repayable debt that comes with interest but provides the freedom to retain the controlling shareholder status.
Government Grants and Subsidies: Discuss the existing governmental policies and promotional measures in order to advance industrialization and manufacturing sector in Nigeria.
Government Grants and Subsidies: Research on available government policies and measures that govern industrialization and production process in Nigeria.
Public-Private Partnerships: Other sources of funds include collaboration with agencies in the government or other private firms and organizations.
Cost Of Production And Its Relation with The Pricing Strategy
Production Costs
Manufacturing cost involves total costs to be incurred in producing cables and cable products. Key components include:
Raw Materials: Raw materials cost of copper, fiber optic cables, insulation material and other related parts which are used in the making of these products.
Labor Costs: Payroll for employees directly related to wages and salaries of skilled workers, technicians, engineers as well as administrative employees.
Utility Costs: Cost incurred on energy, or any other utility necessary for production.
Maintenance Costs: Performing timely services, repairs and maintenance to the company’s machinery and equipment.
Logistics and Distribution: Expenses that relate to moving of raw materials to where they are required and movement of the finished products.
Pricing Strategy
Setting an effective pricing strategy involves: Setting an effective pricing strategy involves:
Cost-Based Pricing: Next step is to find out the cost of production and then add the right margin on it to make it profitable. This approach calls for a proper assessment of cost and likely profits that an organization wants to make.
Market-Based Pricing: Understand competitor pricing and then pricing the products to be low enough to compete with the rivals but not too low to make little to no profit. This strategy entails the evaluation of other market prices and customer price sensitivity level.
Value-Based Pricing: Consequently, it should set its prices in relation to the value of the product as perceived by the customers. This approach makes it necessary that one comprehends the needs of citizens and the specific aspects of cable products.
Licensing Procedures
To establish a medical consumables plant in Nigeria one has to look into the existing regulatory systems to meet the national and international requirements. Key regulatory bodies in Nigeria include:
National Agency for Food and Drug Administration and Control (NAFDAC): NAFDAC is the main regulatory agency that provides the regulation and control of foods that are sold in Nigeria as well as drugs, Cosmetics, Medical devices and chemicals. It involves the checking of safety, efficacy, quality and a host of other factors that make them fit for use.
National Health Insurance Scheme (NHIS): Although NHIS is not a direct participant in the licensing of the medical consumables, it has an important role within the health care system since it regulates health insurance and has an impact on the quality and availability of medical equipment and materials.
Standards Organization of Nigeria
Federal & State Environmental Protection Agency
Permits and License Necessary for the Production of Medical Consumables
To establish a medical consumables plant in Nigeria, you need to acquire several licenses and permits, including:
Factory Registration with the Ministry of Labour & Employment. The Factories Act Cap F1 LFN 2004, required that factories must register with the Federal Ministry of Labour and Employment to obtain a factory license to operate.
Standards Organization of Nigeria (SON) Act
Any entity that manufactures a product in Nigeria are also required to obtained Mandatory Conformity Assessment Programme (MANCAP) Certificate issued by The Standards Organization of Nigeria Act, before the products can be distributed.
Requirements for Factory Registration
UNDER THE FACTORIES ACT, CAP F1, LFN, 2004.
REQUIREMENTS FOR INITIAL REGISTRATION OF FACTORY:
Purchase of Application form for Registration of Factory (Form LAB/F/1), on payment of a non-refundable fee of ₦5000 (Five Thousand Naira Only).
Completion & submission of 2 copies of the Application form at the nearest State Office of the Ministry. The Completed Application Form should be submitted with the following documents attached:
2 Copies of Certificate of Incorporation.
2 Copies of List of Machineries, their place(s) and dates of Procurement.
2 Copies of List of Raw Materials, their known Hazards and Exposure Risks Control.
2 Copies of Architectural Drawings of the Factory Building.
2 Copies of the Locational Drawings of the Factory.
2 copies of the Machinery Layout of the Production Floor(s).
Pre-registration Inspection Report by an Inspector of Factories in the nearest State Office of the Ministry.
Payment of registration fees as stated below.
REQUIREMENTS FOR RENEWAL:
(Validity Period of the Certificate of Factory Registration is 2 (Two) years).
A Photocopy of the expired certificate of factory registration must be submitted.
Recent Inspection report by an Inspector of Factories, and
Payment of Renewal Fees as stated below.
REGISTRATION AND RENEWAL FEES:
Registration and Renewal Fees vary with size of workforce of factory, as follows:
Factory with more than 500 workers = ₦150,000 (One Hundred and Fifty Thousand Naira Only).
AMENDMENT OF CERTIFICATE OF FACTORY REGISTRATION:
For Amendment of Certificate due to change in particulars earlier submitted for registration, an Amendment Fee of ₦10,000 (Ten Thousand Naira Only) is applicable.
MODE OF PAYMENT:
All payments are to be made directly into the Treasury Single Account (TSA) of the Federal Government of Nigeria on Remita Platform (www.remita.net) at designated Banks, using the GIFMIS (Government Integrated Financial Management Information System) Code No: 1000267321 for Renewal of Factory Registration; or Code No: 1000019760 for an initial Application for Factory Registration; or Code No: 1000267431 for the Application Form
Environmental Impact Assessment (EIA): Regarding the licensing process, you will be required to do an Environmental Impact Assessment to estimate the effect that your plant will have on the environment. Evaluations carried out by the Ministry of power are to be submitted to the EIA report that has to be approved by the Federal Ministry of Environment.
Health and Safety Permits: Health and safety regulation by the acquisition of the required permits from the local and state governmental agencies. This comprises strict compliance with a firm’s safety policies through compliance with workplace safety measures as well as offering sufficient safety training to the workers.
Business Registration: The Company must therefore ensure that it is registered with the CAC in order to receive both a certificate of incorporation, and a TIN. This is a requirement that has to be met in order to be able to do business within the Nigeria territory.
Compliance with International Standards
To ensure your medical consumables plant meets global standards and is competitive in the international market, compliance with international standards is essential:
ISO Certification: The following is another key recommendation on the guidelines on the credentialing process: Get an ISO 13485 certification that is a quality control standard for medical devices. This certification prove that in your manufacturing processes that conform to international quality management practices and deliver quality products.
CE Marking: In case you market your products in the European Union (EU), then you will require CE marking. This involves showing that the company does not violate EU regulations of medical devices, safety and performance standards among other regulations.
Good Manufacturing Practice (GMP): Comply to the GMP regulatory standards set out by NAFDAC as well as other bodies in the international market like WHO. GMP is the assurance of products’ consistency and monitoring of the production process to meet the laid down quality standards.
International Organization for Standardization (ISO): However, since medical consumables are used in healthcare facilities, it is only ISO 13485 that has to be complied with
The course of action toward getting a License
Submit an Application
If your cable manufacture falls within the regulations of NEMSA then you can apply for a license from the body, otherwise, you can apply from NESREA.
License Required by the Law
Acquire a license as per the types of operations to be offered which will attract the license fee as set by the regulatory authority.
To add further specificity to the analysis this information must include detailed technical and, or financial information.
Original supporting documents should be also submitted which can include technical specifications of the cables, the firm’s financial statements, and business plan.
Duplicate: Technical Evaluation & Inspection
Also, there should be room for an assessment and inspection from the side of the regulatory authority regarding the technical and the safety conditions of the plant.
Get Approval and Granting of Licence
After a successful completion of the evaluation process, you’ll be issued an official recognition to run the cable manufacturing plant.
Competition and Market Structure
The Cable Manufacturing Nigerian market has been OCNHS’ main focus for some time now, and this section will provide an overview of this market.
This Nigeria cable manufacturing market is growing due to rising demand for electrical and communication facilities. These players range from local manufacturers right from the Nigerian populace as well as multinationals with their business in the country.
Competitive Landscape
Existing Cable Manufacturing Companies
Major competitors include sunk identification of business competitors, along product definition, market share data and planned competition strategies. This analysis gives the market information with regards to trends and possible ways to differentiate.
Market Share and Capacity
Analyze the current competitors in the market to determine their share and the capacity of the market in relation to production of the product.
Market Structure
Wholesale and Retail Markets
The cable manufacturing market comprises manufacturers’ retailers and wholesalers. Some sectors sell cables to contractors and big projects and are referred to as wholesalers while others, which deal with cables directly to the public, such as households and small businesses, are referred to as retailers.
Distribution Channels
Analyze the distribution systems deployed by competitors and then design the most appropriate distribution mechanism whereby target customers would be reached. This entails the strategy of transportation and shipment of the product, relationship with distributors and channel of sale.
Conclusion
The importation of medical consumable products for the Nigeria health care system presents a very lucrative business opportunity of setting up a plant to manufacture some of these products. In this guide, you have already come a long way in realizing the idea that you want to happen.
Key Takeaways
– The following are the measures that need to be taken in order to enter the market:
– Register your business as well as the principal and or branch licenses and permits if need be.
– The next step to taking a serious step towards becoming a business owner is to create a sound business plan and find ways of funding.
– Follow the rules and regulations that govern its operations and the international requirements.
– Acquire and develop a good team and relationship with suppliers as well as distributors.
Take Action and Start Planning.
So you should not lose the chance to do it. This makes it right for you to commence planning your medical consumables manufacturing plant today. Market research should be conducted and the business plan created as well as funding acquired. Start a new direction that will enable you to make a meaningful contribution to the overall healthcare of Nigeria and at the same time attain a healthy financial status.
Final Thoughts and Recommendations
– Ever be abreast with industry trends, changes in laws and regulations and other technologies.
– Ensure that you keep on assessing your performance so that you can identify changes to implement in your business.
– One should therefore consider entering into partnership with other health care providers and organizations in order to have a constant market for their products.
– Promote the spending on research and development so as to introduce innovation and variety in products.
Contact Us
Tel: (+234) 802 320 0801, (+234) 807 576 5799
Email: info@mocaccountants.com
Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria
There are no comments