George Onofowokan, chairman of the Manufacturers Association of Nigeria (MAN), Ogun State chapter, has called on the federal government to hasten the review of 2025 tariff policy guidelines and intensify enforcement of local content adoption to spur domestic economic growth.
Onofowokan made this call during a press conference in Ogun State as part of activities to mark the 50th anniversary of Coleman Wires and Cables on Thursday.
He emphasized that the tariff measuring policy is a critical tool in the current fiscal regime, as capable of stalling imports of critical raw material for manufacturers.
He noted that many manufacturers remain vulnerable due to the outdated guidelines still in operation. “We are still operating under the 2023 guidelines, and several elements need to be updated to ensure competitiveness,” he said.
“Ideally, the tariff measuring policy should be reviewed and signed off annually. That way, when manufacturers raise complaints, the tariff trade committee can assess whether to adjust rates up or down,” he explained.
He criticized the current structure where finished products attract just five percent import duty, while raw materials for the same products incur duties between five and 25 percent.
Onofowokan also expressed concern over the poor confidence in Nigerian enterprises and the weak enforcement of local content policies.
He stressed that while Nigerians see one another, trust remains elusive—hindering business and industrial collaboration.
He urged local regulatory agencies to craft policies tailored to domestic realities rather than mimicking foreign systems, emphasizing that promoting local content is essential for economic growth.
“The ‘Nigeria First’ policy should give Nigerians priority. Foreigners often enjoy numerous waivers, while locals are overlooked. It’s disheartening that many free trade zones are awarded to foreigners, leaving Nigerians without equal support.
Onofowokan who is the managing director of Coleman Industries Limited, said the indigenous cable manufacturers has invested over N700bn in Nigeria’s industrial sector while speaking of the firm’s key milestone in 50 years.
He said the cable maker has recorded a turnover exceeding N37 billion in 2024, and now seeks government support to improve policy frameworks for manufacturers.
He said the company has maintained a culture of discipline and a forward-looking position, which has allowed it to thrive and endure economic shocks for 50 years. He unveiled the company’s milestones to mark its 50th anniversary.
Onafowokan noted that the company’s growth had accelerated in the last decade, making it one of Nigeria’s largest indigenous cable producers with international ratings and certification.
“Our valuation and what we have expended is well in excess of N700bn. In dollar terms, we are nearing $500m invested in this business.”
“The major growth of Coleman has happened in the last 10 years. But the start of the strategy was 20 years ago. In the last 5–10 years, we’ve massively grown and doubled the size of the business.”
He revealed that Coleman achieved a turnover in excess of N37 million in 2024, maintaining its status as the first indigenous cable manufacturer to consistently post double-digit growth in recent years.
The managing director added that Coleman now employs over 700 direct and 7,000 indirect workers in Nigeria, with plans to triple operations across Africa.
“In the next two years, we expect to run three shifts, which will create over 5,000 direct and 50,000 indirect jobs in Nigeria alone,” he said.
