The Managing Director/Chief Executive Officer, Coleman Wires and Cables Industries Limited, George Onafowokan, has expressed concern over the continued survival of the real sector, which he noted is hobbled by chaotic government policies and economic headwinds.
Speaking during an interview, he stressed the urgent need for policy consistency, long-term planning and a renewed focus on legacy-building among industrialists, warning that without these, the country risks its manufacturing future.
Giving insight into Nigeria’s macroeconomic environment and the survival strategy, he said Nigeria is now in a “new normal” era of declining interest rates after months of aggressive hikes.
“Most central banks do not immediately slash rates. They hold, then hold again, before a drop comes. Now that the signs are here, the market is responding. Nobody’s taking long-term borrowing positions anymore,” he said.
He noted the growing popularity of 90-day commercial papers (CPs), something virtually unheard of until late 2023.
On the recurring FX issue, he projected that meaningful appreciation of the naira might not happen until 2026.
Despite this, he expressed optimism that with salaries rebased across the private sector since late 2023, Nigerians’ spending power has begun to stabilise and, in some cases, improve.
On the broader issue of industrial growth and sustainability, he again called for greater support for indigenous entrepreneurs, noting that “eight out of 10” new factory memberships approved during his tenure as chairman of MAN in the state he operates were non-Nigerian.
“We must be deliberate in growing domestic direct investment. There is no legacy without it,” he said.
Onafowokan regretted that Nigeria lacks generational continuity in its industrial businesses.
“Show me 10 companies in any Nigerian industry that are over 50 years old. You cannot find them. Are we only 10 years old as a country?”
Stressing the importance of discipline and delayed gratification in business leadership, he noted that foreigners outperform Nigerians because they play the long game.
“They retain profits, reinvest and delay lifestyle upgrades. That is what many businesses and MSMEs need to learn,” he said.
