The Managing Director of Coleman Wires and Cables Industries Limited, George Onafowokan, has said that foreign investors are taking bold steps to invest in Nigeria despite the tough economic conditions local players often complain about.
According to a statement, Onafowokan stated this on Thursday at the 2025 BusinessDay Manufacturing Conference held in Lagos, themed ‘Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence.’
“From my vantage point as MAN Chairman, I sign off on applications from new companies. I can tell you that many of these are foreign firms setting up in Nigeria,” said Onafowokan, who is also the Chairman of the Ogun State chapter of the Manufacturers Association of Nigeria. “Ironically, it is local businesses that often complain and hesitate.”
He urged Nigerian manufacturers to stop focusing solely on the challenges and begin to explore the country’s untapped potential. “There are opportunities to tap into. We only need to take a long-term view and be deliberate,” he added.
Onafowokan described multiple taxation as harmful to manufacturing but noted that it has not deterred some investors. “Despite the hurdles, foreign investors are still coming in, and resilient local manufacturers are weathering the storm,” he said.
Meanwhile, the CEO affirmed the quality of Nigerian-made products, citing his company, Coleman Cables, as a maker of higher-quality products than many foreign alternatives. He urged Nigerians to stop compromising the country’s future for quick foreign options.
Other speakers emphasised manufacturing at the event, including the founder of Zetamind Consulting Limited, Adetunji Aderinto, who observed that foreign investors often spot opportunities that Nigerian manufacturers overlook. He advised manufacturers to leverage technology and data to cut costs and improve market insight.
Aderinto said, “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.”
The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Olusola Obadimu, used the occasion to call on the Federal Government and the Central Bank of Nigeria to act swiftly in curbing inflation. He also advised state governments to prioritise development projects that directly benefit the people instead of focusing solely on internal revenue generation.
The Director-General of MAN, Segun Ajayi-Kadir, while delivering the keynote address, urged the Federal Government to implement stronger policy frameworks to grow the manufacturing sector.
“The Nigerian government holds the primary responsibility for creating an enabling environment to unlock the manufacturing sector’s potential. This requires strategic action across infrastructure, fiscal policy, and regional integration,” he said.
Ajayi-Kadir commended the National Assembly for passing the four tax reform bills aimed at simplifying the tax system but stressed the need for rapid and effective implementation. He also called for the Nigeria First Policy to be codified into law with strict penalties for defaulters.
