The Managing Director/Chief Executive Officer of Coleman Wires and Cables Industries Limited, George Onafowokan, has expressed support for Nigeria’s ‘Buy Nigeria’ initiative, stressing its potential to boost local production despite macroeconomic challenges such as high inflation and elevated interest rates.

Speaking during a recent interview, he commended the Order mandating the procurement of locally made goods but stressed that effective implementation remains crucial. He argued that increased government patronage of Nigerian-made products particularly in infrastructure projects would enhance the competitiveness of domestic industries and stimulate job creation.

“If the government spends on infrastructure and directs capital expenditure toward locally made goods, you will see a rise in the competitiveness of Nigerian products. The more volume local manufacturers get, the more efficient and competitive they become,” he stated.

He noted that consistent government patronage of local manufacturers in automotive, cables, steel, or cement, would act as a catalyst for the nation’s industrial growth and employment opportunities.

Despite his optimism, he acknowledged challenges in the programme’s early stages, especially regarding its implementation. He cited instances of government contracts still favouring imported goods, undermining the initiative’s goals and local manufacturing.

“It’s disappointing to see so many government-related contracts still involving significant importation. We need a greater commitment to local sourcing, particularly in sectors like transmission and distribution.”

However, he noted that it is still too early to gauge the policy’s impact, as it was only recently enacted. A key test, he said, will be whether government agencies begin purchasing vehicles from local manufacturers like Innoson and GAC.

Addressing concerns over high interest rates currently above 30 per cent, he acknowledged the challenges faced by manufacturers but supported the Central Bank of Nigeria’s (CBN) cautious approach to taming inflation, which eased slightly to 23.71 per cent from 24.23 per cent.

“For manufacturers, reduced interest rates are necessary, but the CBN must balance inflation, FX stability, and interest rates. I foresee stability in 2025 rather than immediate rate cuts, with potential reductions likely in 2026,” he noted.

He also criticised government contracts that still rely heavily on imports, citing the Transmission Company of Nigeria (TCN) as an example where more local sourcing could be enforced. While optimistic about the policy’s long-term benefits, he urged stricter compliance to ensure its success. “The driver for the economy will be government patronage of made-in-Nigeria goods but we need to see action, we have seen enough policies,” he said.