THE IMPACT OF AUTOMATION ON LABOR COSTS IN NIGERIA'S AUTOMOBILE INDUSTRY
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Abstract: THE IMPACT OF AUTOMATION ON LABOR COSTS IN NIGERIA'S AUTOMOBILE INDUSTRY
This research investigates the impact of automation on labor costs within Nigeria's automobile industry in Lagos. The study's objectives are to assess how automation affects labor costs, evaluate the benefits and challenges of automation, and identify its overall impact on financial performance. A survey design was used to gather data from 200 financial managers and production supervisors, derived using Taro Yamane's formula. A case study of a major automobile manufacturing company in Lagos provided detailed insights. The reliability coefficient score was 0.86. Findings reveal that automation significantly reduces labor costs by enhancing production efficiency and reducing the need for manual labor. However, challenges such as high initial investment costs and the need for continuous updates were noted. Recommendations include investing in training for workers to manage automated systems, ensuring regular updates of automation technology, and integrating automation with other cost management practices to maximize benefits.
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