ECOWAS Business council “ll address economic issues impacting African nations—- Ajayi-Kadir

COMFORT EKELEME

The Director General of MAN, Mr. Segun Ajayi-Kadir, said the proposed launch of Economic Community of West African States Business Council by December 2024 would provide a platform for the private sector to address economic issues impacting African nations.

Ajayi-Kadir, disclosed this during a tour at the Coleman Wires and Cable Industries’ factories in Arepo and Sagamu, Ogun State, adding that the association is committed to enhancing market penetration of wire and cable manufacturing company, Coleman Wires and Cables across Africa.

He expressed satisfaction with the large capacity of such factories in Nigeria, noting its ability to satisfy local demands and across African.

He said the state of the company gave manufacturers confidence of being on the right track with respect to the industrial aspirations of the nation.

The MAN DG further noted that the new platform would enable the private sector to engage directly with policymakers.

Ajayi-Kadir added that one of the platform’s priorities would be to address barriers hindering cross-border value chains.

“For instance, the president of the business council will be invited to meetings with heads of states and ministers allowing us to resolve key issues.

“At the regional level, numerous protocols have been signed to support economic activities but many of these are politically driven.

“There is no doubt that we have witnessed one of the best wiring manufacturing companies in Nigeria and on the continent.

“I commend Coleman Industries for its capacity to operate gas power electricity independently even in the face of the challenges faced by the manufacturing sector, particularly smuggling and dumping,” he said.

In his remarks, Mr George Onafowokan, the Managing Director of Coleman, expressed his gratitude for MAN’s support.

Onafowokan emphasised that the company’s goal was not only to satisfy the Nigerian market but to expand into other African markets and beyond.

He highlighted the difficulties of penetrating some African countries, including high tariffs and inadequate government support for local manufacturers.

“If we allow other countries to trade in Nigeria, why should it be difficult for us to access their markets? There is a need to address these market entry barriers,” he said.

He also said Coleman by 2025 would celebrate its 50th anniversary, a big story of succession plan.

Onafowokan stressed the importance of expanding the company’s capacity in spite of the industry challenges.

According to him, domestic companies such as Coleman are better suited to building a lasting legacy in Nigeria than Foreign Direct Investment.

“Coleman’s succession plan is a proof that domestic investment can thrive but unfortunately, many manufacturers lack such stories. We need support from MAN in terms of fiscal policy,” Onafowokan said