The Federal Government has announced its readiness to collaborate with local manufacturer, Coleman Wires and Cables Industries Limited, to improve the power sector and create jobs.
Minister of Power, Adebayo Adelabu, disclosed this, at the weekend, during his tour of the firm’s factories at Arepo and Sagamu in Ogun State.He emphasised Coleman’s investment and capacity to support the power sector in all segments from generation through transmission to distribution.
Adelabu, who pledged government’s support for indigenous manufacturers by improving local content and patronage, said: “I am convinced that the quality of their products is quite optimal in terms of certification. I am proud that this kind of factory exists in Nigeria.”
The minister said that government needs to support firms like Coleman to make their operations easier in terms of patronage, as well as allowing them to contribute meaningfully to power sector’s projects and create employment in Nigeria.
He, however, reiterated that the current administration would support local manufacturers in sourcing foreign exchange. Adelabu lamented that several manufacturers struggle to access foreign exchange, pledging that government would engage the Central Bank of Nigeria (CBN) to find alternative ways of supporting local manufacturers to compete globally.
Earlier, Managing Director of Coleman, George Onafowokan, said collaboration with government would benefit the company and encourage further investment in the country.
Onafowokan, who is also the Chairman of the Manufacturers Association of Nigeria (MAN) in Ogun State, urged the government to focus more on solving power transmission problems with the support of local manufacturers. He also implored the Federal Government to localise solutions to power transmission by developing the capacities of indigenous manufacturers and creating a more enabling and incentivised business environment.
The chief executive said while Nigeria could be a processing country with its large population, it is important to balance fiscal and monetary policies to address foreign exchange volatility and create an enabling environment.
He pointed out that enablers for the transition to a processing country must allow easy importation of raw materials and exportation of finished products, focusing on value addition for every sector to grow.
To address skill gaps in technical manufacturing, Onafowokan called for a review of tertiary institutions’ curricula to accommodate intense practicality in automation and machinery engineering to enhance production.
