Tinubu’s reforms laying foundation for industrial growth – Onafowokan

By Esenvosa Izah

The Managing Director of Coleman Wires and Cables, Mr George Onafowokan, has said economic reforms by President Bola Tinubu’s administration are laying a foundation for industrial growth.

In a statement on Sunday, Onafowokan highlighted fuel subsidy removal, exchange rate unification, and interest rate hikes as difficult but essential steps to reset a struggling economy.

He described Nigeria’s macroeconomic environment since 2023 as turbulent but necessary for future stability.

“For businesses, it has been tough. However, with a stronger naira, rising foreign inflows, and easing inflation, recovery is clearly underway,” he said.

He noted that manufacturers rely on predictability, and recent monetary policies have brought relative stability to the business environment.

“A year ago, commercial paper rates hit 31 per cent; today, both interest rates and inflation are trending downward—this brings real optimism,” he stated.

Onafowokan urged the government to shift focus from stabilisation to aggressive economic expansion.

He called for urgent implementation of fiscal policy documents and immediate release of industrial intervention funds.

“Stability is step one. Now we must scale. Growth demands activating the ₦1 trillion manufacturing fund and signing delayed fiscal reforms,” Onafowokan said.

He warned against short-term political decisions, stressing the need for strategic, long-term economic planning.

According to him, Nigeria needs visionary leaders who think beyond electoral cycles and short-term gains.

“What’s been done in two years, no past administration dared — this is a hard reset, and it’s working,” he said.

He added that if current reforms continue, Nigeria could see naira gains and stronger purchasing power by 2026 or 2027.

This, he said, would reduce fuel and import prices, while boosting industrialisation and local content development.

“We’re seeing hope again. For Coleman, this means expansion — more factories, more jobs, and renewed confidence to borrow and grow,” he said.

The industrialist stressed that major businesses need access to affordable debt, as equity alone cannot drive large-scale industrial growth.

Looking ahead, Onafowokan expressed confidence that consistent reforms could unlock explosive growth in non-oil sectors.

“With 10 to 20 years of discipline, Nigeria will be transformed — in the best possible way,” he added. (NAN)