LIFE CYCLE COSTING AS A STRATEGIC COST MANAGEMENT TOOL IN MANUFACTURING: LESSONS FOR MANUFACTURERS IN NIGERIA

Sani Alfred Ilemona Ph.D.

Abstract

The need to be efficient and remain profitable in business has brought to fore the relevance of
implementation of Life Cycle Costing (LCC) by manufacturers in Nigeria. The use of LCC is a technique
adopted as a tool for cost management programme used by manufacturing firms in many developed
and developing nations of the world. With the use of exploratory research, it was found there is a
positive link between cost efficiency, profitability, survival of manufacturing firms and
implementation of LCC of products. It is therefore recommended that manufacturers in Nigeria's
economy should employ/implement this potent cost management tool in their manufacturing
processes for improved performance, profitability and survival in a competitive global economy