By Tobi Awodipe
Managing Director, Coleman Wires and Cables Industries Limited, George Onafowokan, has expressed concerns over poor fiscal policies that are hampering the country’s export potential, especially in the fibre optic cable sector.
He said despite Nigeria’s total manufactured goods exports reaching N215 billion in Q4 2024, restrictive tariffs and policy uncertainties continue to limit the competitiveness of the industry.
Speaking with The Guardian, he stressed the need for urgent reforms to address the challenges, citing delays in fiscal policy implementation as a major roadblock for manufacturers looking to expand in regional and global markets.He revealed that the firm has made significant investments in expanding its fibre optic production capacity, with the first phase commissioned in 2022.
He added that the second phase, expected to be commissioned this year, is three times the size of the first and will make the company the largest fibre optic cable producer in Africa, increasing production capacity from 3.5 million to nine million fibre accounts and positioning Nigeria as a major supplier to West Africa and beyond.
However, he noted that the export market for fibre optic cables has not been as buoyant as anticipated due to policy-related constraints.He pointed out that Nigeria’s fiscal policy measures for 2024 were not signed, leaving manufacturers in limbo.
“The last update to fiscal policies was in 2023, and the delay in approving the 2025 measures has created uncertainty for businesses reliant on stable tariffs and import regulations. One major hindrance is fiscal policies, which have not enabled businesses to act as they should. The government missed the 2024 fiscal policy measure document and the 2025 document, initially expected in January, is still pending approval as we approach the end of this month,” he said.
He noted that the absence of a clear policy direction has affected the ability of manufacturers to source raw materials at competitive prices, hindering large-scale exports.
He added that Nigeria has historically not prioritised cable exports due to the lack of large-scale manufacturers capable of serving both domestic and international markets.
Urging the government to act swiftly in finalising and implementing necessary fiscal reforms, he expressed optimism about the export potential of Nigeria’s fibre optic cable sector arguing that enabling policies must be put in place for the industry to thrive.
