Foreign Investors Embracing Nigeria – Coleman MD

 

George Onafowokan, Managing Director of Coleman Wires and Cables, has expressed optimism over the growing interest of foreign investors in Nigeria, particularly in the manufacturing sector. Speaking during a recent interview, Onafowokan said that despite economic hurdles, global investors are beginning to see Nigeria as a land of opportunity with strong industrial potential.

According to him, the renewed wave of interest is driven by Nigeria’s vast consumer base, improving business environment, and the resilience of local industries. “What we are seeing is a gradual shift. International investors are no longer just eyeing Nigeria—they’re starting to make concrete moves. They recognize that Nigeria, with over 200 million people, offers scale that few other African countries can match,” he said.

Coleman Wires and Cables, one of the leading cable manufacturers in West Africa, has itself attracted international partnerships over the years, and Onafowokan believes the current uptick in interest signals a new phase for Nigeria’s industrial landscape. He noted that sectors such as manufacturing, infrastructure, and renewable energy are gaining attention from foreign players who are taking a long-term view of the Nigerian market.

He also emphasized the importance of government policy in sustaining this momentum. “Investors are encouraged by reforms that simplify business registration, improve access to foreign exchange, and promote local content. But consistency is key. Policy reversals can scare away capital that takes years to secure,” he added.

Despite Nigeria’s persistent challenges—including forex instability, power deficits, and security issues—Onafowokan believes the fundamentals remain strong. He pointed to the growing sophistication of local industries and the increasing quality of Nigerian-made products as signs that the country is on the right track. “We are not where we want to be yet, but the progress is visible. Local companies are no longer just competing; they’re innovating and exporting,” he said.

He added that for foreign investors, Nigeria offers more than just a consumer market. It’s also a strategic hub for reaching the wider West African sub-region. “What happens in Nigeria often influences the direction of markets in neighboring countries. That’s a big deal for global brands looking to expand in Africa,” he explained.

Onafowokan urged both the public and private sectors to continue working together to address key bottlenecks that affect investment flows. He highlighted infrastructure development, access to finance, and capacity building as critical areas needing sustained attention.

He also praised recent government initiatives aimed at boosting local production and reducing import dependency, saying such moves not only improve the trade balance but also inspire investor confidence. “When the government backs local industries through procurement and incentives, it sends a strong message that Nigeria is serious about growth,” he said.

In recent years, Nigeria has seen increased interest from countries like China, India, the UAE, and members of the European Union in sectors ranging from agriculture to technology. While not all inquiries translate into immediate deals, Onafowokan noted that the pipeline is growing, and discussions are becoming more serious.

The Coleman MD concluded by saying the real task ahead is building a business environment that sustains and multiplies this interest. “This is a chance to turn Nigeria into an industrial powerhouse—not just for our own people but for the entire region. But it requires discipline, clarity, and follow-through,” he said.

 

As global supply chains continue to evolve and businesses seek new growth markets, Nigeria’s strategic importance is becoming increasingly apparent. With the right mix of policy support and private sector dynamism, the country could indeed be on the brink of an investment-led transformation.