The economic reforms initiated by President Bola Ahmed Tinubu administration, though painful, have laid the foundation for long-term stability and growth in Nigeria’s industrial sector, the Managing Director of Coleman Wires and Cables, Mr. George Onafowokan, has said.
Commenting on Nigeria’s 26 years of uninterrupted democracy, Onafowokan described the macroeconomic environment since 2023 as turbulent but necessary, citing the removal of fuel subsidies, exchange rate unification, and interest rate hikes as “a bitter pill” that helped reset a collapsing economy.
“For businesses, it’s been one of the toughest periods. But looking at the fundamentals now—more stable naira, increased foreign portfolio inflows, and easing inflation—it’s clear we’ve clawed back from the brink,” he said.
Onafowokan noted that for manufacturers, predictability is key, and the current monetary framework has brought a semblance of stability. “A year ago, commercial paper rates were as high as 31 per cent. Today, we’re seeing a downward trend in both interest rates and inflation. That alone gives room for optimism,” he added.
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However, the Coleman boss emphasised the need for the government to transition from macroeconomic stabilisation to aggressive growth stimulation. He urged the swift implementation of pending fiscal policy documents and the injection of industrial intervention funds into the real economy.
“Stability is the first step. Now we must scale up. The next phase is growth. That means activating the N1 trillion manufacturing fund and signing fiscal policy documents that have been pending since January,” he said.
Onafowokan warned against a return to short-term political thinking and stressed the importance of long-term economic planning.
“We need leaders who will think beyond re-election cycles. What has been done in the past two years, no administration before dared to do. It’s a hard reset, and it’s working,” he said.
He projected that if the current path is maintained, Nigeria could witness naira appreciation and improved consumer purchasing power by 2026–2027. This, he said, would lead to cheaper petrol, diesel, and imported goods while reinforcing the drive for industrialisation and local content.
“We’re seeing hope again. For Coleman, it means expansion—more factories, more jobs. The confidence to borrow and grow only comes from credible policies. No big business is built with equity alone. Debt capital must be made available at the right pricing,” Onafowokan stated.
Looking forward, he expressed optimism that with continuity in reforms, Nigeria could unlock explosive growth across non-oil sectors and provide jobs that will help reduce insecurity. “Give us 10 to 20 years of disciplined economic policy, and Nigeria will be unrecognizable—in a good way,” he projected
In another development, Onafowokan has lauded President Tinubu’s plan to lay fibre optic cable across Nigeria, describing it as a transformative step for Nigeria’s technology future and a validation of local industrial investments.
Speaking in response to the President’s June 12 Democracy Day speech, Onafowokan said the initiative is not only commendable but strategic in unlocking massive job creation and fostering technology infrastructure across the country.
“It’s symbolic for us. The same President who’s pushing this initiative is the one who has championed local content. That vindicates our investment in Nigeria and affirms our belief in its industrial future,” Onafowokan stated.
Coleman, Nigeria’s sole local manufacturer of fibre optic cables since 2022, is already expanding capacity with a second phase expected to be commissioned this year. The company, he said, is fully equipped to meet the fibre optic needs of not just Nigeria but also the broader sub-Saharan Africa.
“We’re not just solving Nigeria’s fibre backbone need. We’re also positioned to support connectivity across West, Central, and East Africa,” he said, stressing that local manufacturing capacity is vital as the cost of entry into fibre production is high and technically demanding.
Highlighting the broader impact of the initiative, Onafowokan noted that the fibre rollout will create jobs for artisans, drive demand for data centres, support digital infrastructure companies, and stimulate economic activity across multiple sectors.
On the broader democratic context, the Coleman MD remarked that Nigeria’s industrial growth has benefited immensely from democratic governance since 1999. According to him, institutions like the Bank of Industry and Central Bank have played stronger developmental roles under democracy.
“Democracy has given the industry a voice. It allows stakeholders to challenge policies, like we did recently with the FRC fees, and the government responded swiftly. That wouldn’t happen under a dictatorship,” he said.
Onafowokan concluded by emphasising that with the right policy direction, local content enforcement, and a stable democratic environment, Nigeria has the potential to become the industrial hub of Africa.