The Managing Director of Coleman Wires and Cables, Mr. George Onafowokan, has said that President Tinubu’s economic reforms will lay the foundation for sustained growth in Nigeria’s industrial sector.
He recently shared that even though the policies currently appear painful and frustrating, they will trigger long-term stability in the key sector.
Speaking on Nigeria’s 26 years of democracy, George revealed that while the macroeconomic environment has been troubling since 2023, the removal of fuel subsidies, exchange rate unification, and interest rate hikes are a bitter pill that will reset the nation’s collapsing economy.
He noted that since predictability is a very vital factor for producers across Nigeria, the present monetary framework has delivered the required stability.
“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.
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 said.
He, however, stressed that the government should work on transitioning from macroeconomic stabilisation to aggressive growth stimulation, urging the quick injection of industrial intervention funds into the real economy.
George further warned against a return to short-term political thinking, emphasising the importance of long-term economic planning.
He concluded by hailing President Tinubu’s plan to lay fibre optic cable across Nigeria, describing it as a transformative step for the country’s technology future.
“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.
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.
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.
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,” he added.
