The managing director of Coleman Wires and Cables Industries Limited, George Onafowokan, is identifying inconsistent government policies as a major hindrance to Nigeria’s manufacturing sector.
He warns that “we’re killing the industry that generates employment,” and calls for meaningful change to support manufacturers.
George Onafowokan stands as a voice of experience and concern in the bustling landscape of Nigeria’s manufacturing sector.
As the managing director of Coleman Wires and Cables Industries Limited, he has witnessed firsthand the challenges businesses face in a country rich with potential yet fraught with difficulties.
Despite government initiatives aimed at fostering growth, Onafowokan feels that the reality of doing business is far from optimistic.
Onafowokan On Policy Disconnect
“Manufacturers are not seeing the benefits of these initiatives,” he explains, emphasising the critical role that consistent policies play in supporting industry growth.
He believes that the current inconsistency in government policies is stifling productivity and innovation.
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“We have inconsistent policies that are not driving manufacturing processes.
“Also, we’re killing the industry that generates employment, which is key to the nation’s growth,” he warns.
Onafowokan paints a broader picture of the economic landscape, acknowledging that while the government has made strides in simplifying the business registration process, the high costs of operation remain a significant barrier.
“The real challenge is the cost of doing business. It’s one thing to make it easy to register a business,” he notes, highlighting a disconnect between policy and practice.
Although he recognises the commendable efforts of the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele, Onafowokan remains skeptical about their effectiveness.
“We have fantastic initiatives, but manufacturers are not seeing the instant benefits,” he says.
This skepticism extends to the Nigerian Customs Service, which he criticises for its shift in focus.
“Customs has become more of a revenue generator rather than focusing on its primary role of fiscal balancing,” he argues.
Through his reflections, Onafowokan captures the essence of the struggles within Nigeria’s manufacturing sector, calling for a meaningful change to ensure that the country’s potential translates into real support for its industries.
