George Onafowokan, Managing Director of Coleman Wires and Cables Industries Limited, has highlighted a growing interest from international investors in Nigeria’s business landscape, even as domestic operators express concerns about the prevailing economic climate.
In a statement released on Thursday during the 2025 edition of the BusinessDay Manufacturing Conference in Lagos—titled ‘Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence’—Onafowokan shared insights from his role as Chairman of the Manufacturers Association of Nigeria (MAN) in Ogun State.
“As Chairman of MAN, I regularly approve applications from new entrants. A significant number of these are foreign enterprises establishing roots here in Nigeria,” he revealed. “Ironically, while global players are entering the market, it is our local entrepreneurs who are most hesitant and vocal about challenges.”
He encouraged domestic manufacturers to broaden their perspectives and shift focus from obstacles to possibilities, stressing the need for long-term planning and intentional investment. “Nigeria offers vast opportunities if we’re willing to take a strategic and forward-looking approach,” he noted.
Addressing one of the industry’s major challenges, Onafowokan acknowledged that excessive taxation remains a burden. However, he pointed out that this has not discouraged all investors. “Despite these issues, we still see both foreign and committed local players persevering in the face of adversity,” he said.
He further vouched for the superior quality of Nigerian-manufactured goods, using his own company, Coleman Cables, as a benchmark. According to him, local products often surpass imported alternatives in durability and performance. He called on Nigerians to prioritize homegrown products over short-term, lower-quality imports.
Among other contributors at the conference was Adetunji Aderinto, founder of Zetamind Consulting Limited, who remarked that foreign investors often identify and seize opportunities that locals tend to miss. He urged Nigerian manufacturers to harness the power of data and emerging technologies to gain better market intelligence and reduce operational costs.
“Some manufacturers fold up not because of external pressures, but due to a lack of understanding of what their customers truly want. Expanding market share and strengthening supply chains should be at the forefront,” Aderinto advised.
Olusola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), used the platform to appeal to the Central Bank of Nigeria and the Federal Government for urgent interventions to tackle inflation. He also encouraged state governments to prioritize infrastructure and developmental projects over aggressive internal revenue drives.
Delivering the keynote speech, Segun Ajayi-Kadir, Director-General of MAN, called on the Federal Government to adopt stronger, more coherent policies that will reinvigorate the manufacturing sector. “It is the government’s duty to set up the right environment through improved infrastructure, fiscal reforms, and regional collaboration,” he said.
Ajayi-Kadir praised the National Assembly for passing four tax-related reform bills intended to simplify the nation’s complex tax structure but emphasized the importance of swift and meaningful execution. He also advocated for the Nigeria First Policy to be enacted into law with punitive measures against those who violate it.
