The Chief Executive Officer of Coleman Wires and Cables has outlined key measures needed to strengthen Nigeria’s industrial base, stressing that consistent government policies, improved infrastructure and greater investment in local manufacturing are critical to driving sustainable economic growth.
The industry leader said Nigeria has the potential to become a leading manufacturing hub in Africa if longstanding challenges affecting production and industrial competitiveness are addressed through coordinated reforms and strategic investments.
According to the CEO, reliable electricity supply remains one of the most important requirements for industrial development. He noted that manufacturers continue to grapple with high energy costs, forcing many businesses to rely on alternative power sources that significantly increase production expenses and reduce competitiveness.
He also identified access to affordable financing as a major challenge confronting manufacturers, urging financial institutions and policymakers to develop funding mechanisms that support industrial expansion, technological upgrades and capacity development.
The Coleman chief called for stronger government support for local industries through policies that encourage domestic production, reduce unnecessary imports and promote the patronage of Made in Nigeria products. He said creating a favourable business environment would attract fresh investments, stimulate innovation and expand employment opportunities across the manufacturing sector.
He further emphasised the need for improved transportation infrastructure, efficient ports and better logistics systems to lower the cost of moving raw materials and finished products. According to him, reducing supply chain bottlenecks would improve productivity and strengthen Nigeria’s competitiveness in regional and global markets.
Industry analysts noted that developing a resilient industrial base is essential to achieving economic diversification, increasing non oil exports and reducing the country’s dependence on imported manufactured goods. They added that a stronger manufacturing sector would enhance value addition, improve foreign exchange earnings and support long term economic stability.
Stakeholders also highlighted the importance of investing in technical education, skills development and research to build a workforce capable of supporting modern industrial production. They argued that stronger collaboration between government, industry and academic institutions would accelerate innovation and improve productivity.
The CEO maintained that Nigeria’s industrial future depends on sustained policy consistency, infrastructure development and private sector driven investment. He expressed confidence that with the right reforms and commitment, the country can build a competitive manufacturing sector that creates jobs, boosts exports and serves as a catalyst for inclusive economic growth.
SOURCE: DAILY TRUST
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