The Chairman of Zobis Electrical Wires and Cables, Engr. John Ezeobi, has stated that the annual market value of cables and wires in Nigeria exceeds N200 billion.

He noted concerns about the impact of substandard imports, which he believes undermine the efforts of genuine local manufacturers.

Ezeobi disclosed this during a briefing with newsmen. He said when considered against the backdrop of sectors like oil and gas, power, and real estate, which source their cable and wire needs directly from manufacturers, the market’s overall value significantly exceeds the N200 billion estimate.

He said the potential of the industry is huge because, as the country’s population increases, so does the demand for housing, infrastructure, and industrial cables and wires.

He lamented that importers of substandard cables and wires capitalise on the gap in the industry, which has created a demand for affordable alternatives even though they fail to meet standards.

Consequently, he said, these unscrupulous importers have amassed billions of naira in profit, undermining the efforts of genuine Nigerian manufacturers.

Ezeobi said this posed a significant risk due to the poor quality of the products. Despite these challenges, the industrialist noted that they have continued to trudge on through strategic massive expansion and collaboration with the Nigerian government, expressing optimism that they would harness the full potential of the domestic market.

“The prospects within the industry are vast, and if effectively tapped, they could have a transformative impact on the national economy,” said Engr. Ezeobi.

“There is a need for the government to create a huge market for electrical cables and wires as every new structure requires these housing components.”

“As the real estate market expands, the electrical cable and wire industry stands to benefit significantly, further fueling Nigeria’s economic growth.”

In the same vein, he said the realisation of the full potential of the industry would help in employment generation. He assured that with proper support and investment, companies like Zobis Electrical Wires and Cables could expand their operations to meet both domestic and international demands.

The chairman also noted that this expansion would create a need for factory workers, administrative staff, sales and marketing teams, and an extensive network of distributors within and outside the country.

Engr. Ezeobi called on the Nigerian Government to prioritise the empowerment of the electrical cable and wire industry through supportive policies, infrastructure development, and access to financing in order to realise the potential of the industry, dominate the African market, and compete on a global scale.