Despite Nigeria’s ongoing economic turbulence and the exit of several local and international companies, foreign investors are increasingly entering the country to tap into its vast market potential, says George Onafowokan, Managing Director of Coleman Wires and Cables Industries Limited.
Speaking at the Manufacturing Conference in Lagos, themed “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence,” Onafowokan highlighted that Nigeria remains an attractive destination for investors due to its position as Africa’s largest consumer market.
He urged Nigerian manufacturers to shift focus inward and explore the untapped domestic opportunities that can drive sustainable enterprise growth, even in a volatile economy.
“Despite the challenges, opportunities abound,” Onafowokan said. “What we need is a long-term perspective and deliberate action.”
Speaking in his capacity as Chairman of the Ogun State Chapter of the Manufacturers Association of Nigeria (MAN), Onafowokan revealed that he regularly approves new membership applications — many of which are from foreign companies establishing a presence in Nigeria.
“There’s a surge in foreign businesses coming in, even while some local players hesitate due to uncertainty,” he noted. “It’s a clear indication that Nigeria still holds immense potential.”
While he acknowledged the damaging impact of multiple taxation and a tough regulatory environment, Onafowokan commended the resilience of some local manufacturers and insisted that Nigerian-made products, like those from Coleman Cables, often outperform foreign alternatives in quality.
“We must stop selling ourselves short. Our products are globally competitive — we just need to believe in our own capacity,” he said.
Joining the conversation, Adetunji Aderinto, founder of Zetamind Consulting Limited, stressed that foreign investors often see opportunities that local manufacturers overlook. He advised Nigerian firms to reduce operational costs by adopting technology and using data to better understand customer needs.
“Many manufacturers shut down because they fail to truly connect with their market. Strengthening supply chains and increasing market share should be top priorities,” Aderinto said.
Also present at the conference, Olusola Obadimu, Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), called for urgent action from the federal government and the Central Bank of Nigeria (CBN) to tackle inflation. He also urged state governments to shift focus from solely generating revenue to investing in people-centric development.
In summary, while the Nigerian manufacturing sector faces significant headwinds, industry leaders at the conference remained optimistic. The consensus: with the right policies, local innovation, and strategic investment, Nigeria’s manufacturing industry can thrive — and even outpace foreign competition.
