The Managing Director of Coleman Wires and Cables, Mr. George Onafowokan, has backed President Bola Ahmed Tinubu's economic reforms, calling them tough but necessary steps toward long-term industrial stability and growth.
Speaking on Nigeria's 26 years of democracy, Onafowokan described recent economic policies including fuel subsidy removal, exchange rate unification, and high interest rates as painful but effective in preventing economic collapse.
"For businesses, it's been a difficult period. But we're seeing signs of recovery more stable naira, easing inflation, and improved foreign inflows," he said.
He emphasized that manufacturers need predictability, noting that interest rates, once at 31%, are now on a downward trend offering room for optimism. However, he urged the government to transition from stabilization to aggressive growth by activating the ₦1 trillion manufacturing fund and implementing pending fiscal policies.
Read also:
Onafowokan also commended Tinubu's plan to roll out fibre optic cables nationwide, calling it a transformative step for Nigeria's tech future. Coleman, Nigeria's only local fibre optic cable producer, is expanding capacity to meet regional demand.
He concluded that with consistent reforms and policy discipline, Nigeria could become Africa's industrial hub within two decades. "What we need now is execution and long-term thinking," he stated.
