By Tobi AwodipeManaging Director, Coleman Wires and Cables Industries Restricted, George Onafowokan, has expressed considerations over poor fiscal insurance policies which can be hampering the nation’s export potential, particularly within the fibre optic cable sector.
He stated regardless of Nigeria’s whole manufactured items exports reaching N215 billion in This fall 2024, restrictive tariffs and coverage uncertainties proceed to restrict the competitiveness of the business.
Talking with The Guardian, he burdened the necessity for pressing reforms to handle the challenges, citing delays in fiscal coverage implementation as a significant roadblock for producers seeking to develop in regional and world markets.He revealed that the agency has made vital investments in increasing its fibre optic manufacturing capability, with the primary section commissioned in 2022. He added that the second section, anticipated to be commissioned this yr, is thrice the dimensions of the primary and can make the corporate the most important fibre optic cable producer in Africa, rising manufacturing capability from 3.5 million to 9 million fibre accounts and positioning Nigeria as a significant provider to West Africa and past.
Nevertheless, he famous that the export marketplace for fibre optic cables has not been as buoyant as anticipated because of policy-related constraints.He identified that Nigeria’s fiscal coverage measures for 2024 weren’t signed, leaving producers in limbo. “The final replace to fiscal insurance policies was in 2023, and the delay in approving the 2025 measures has created uncertainty for companies reliant on steady tariffs and import rules. One main hindrance is fiscal insurance policies, which haven’t enabled companies to behave as they need to. The federal government missed the 2024 fiscal coverage measure doc and the 2025 doc, initially anticipated in January, continues to be pending approval as we method the tip of this month,” he stated.
He famous that the absence of a transparent coverage course has affected the flexibility of producers to supply uncooked supplies at aggressive costs, hindering large-scale exports.
He added that Nigeria has traditionally not prioritised cable exports as a result of lack of large-scale producers able to serving each home and worldwide markets.
Urging the federal government to behave swiftly in finalising and implementing mandatory fiscal reforms, he expressed optimism concerning the export potential of Nigeria’s fibre optic cable sector arguing that enabling insurance policies should be put in place for the business to thrive.
