The Managing Director of Coleman Wires and Cables Industries Limited, George Onafowokan, has observed that despite economic uncertainty that has led many companies out of Nigeria, foreign investors are trooping into Nigeria to tap into opportunities that abound in Africa’s largest consumer market.

He stated this at a Manufacturing Conference in Lagos with the theme, “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence”, while charging Nigerian manufacturers to look inward and explore the abundant opportunities within the country to boost their enterprises.

He lamented that many local firms continue to grapple with a volatile operating environment that is shrinking their profitability and hindering growth.

Speaking as the chairman of the Ogun State Chapter of the Manufacturers Association of Nigeria (MAN) during a panel session, Onafowokan disclosed that, in his capacity, he signs off on applications from companies joining the association.

According to him, from this vantage point, he noted a growing trend of foreign businesses setting up in Nigeria, contrasting it with the hesitancy and pessimism of some local firms.

On the issue of multiple taxation, the Coleman MD described it as detrimental to the manufacturing sector, emphasising however that, despite these hurdles, foreign investors continue to establish operations in Nigeria, and some local manufacturers are showing resilience.

“There are opportunities to tap into. We only need to take a long-term view and be deliberate,” he said.

Onafowokan asserted that Nigerian-made products, such as those from Coleman Cables, surpass many foreign alternatives in quality and encouraged Nigerians not to compromise the country’s potential for short-term gains elsewhere.

In the same vein, Adetunji Aderinto, founder of Zetamind Consulting Limited, remarked that foreign investors often recognise prospects in the Nigerian market that many local manufacturers overlook. He advised manufacturers to reduce costs through technology adoption and data utilisation.

“Some manufacturers shut down operations because they don’t understand what their customers need. They need to increase market share and strengthen their supply chains,” Aderinto added.

Also speaking, Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, called on the federal government and the Central Bank of Nigeria (CBN) to take urgent steps to curb inflation.

He also urged state governments to focus more on people-centric development rather than internally generated revenue alone. (VANGUARD)