By Providence Adeyinka
In its bid to create employment opportunities and enhance its backward integration strategy, Coleman Wires and Cables has expanded its current project in Nigeria to $70 million from $40 million.
The company also called on Nigerians to look inward by investing in the country to improve the country’s Gross Domestic Product, GDP.
Managing Director, Coleman Wires and Cables, Mr. George Onafowokan, said this at the 60th anniversary celebration of Licensed Electrical Contractors Association of Nigeria, LECAN, in Lagos last week.
He stated: “Our current expansion project is over $70 million; previous expansion and work has been relatively over $40million. We have invested over $100million in the last few years. Those investments are big.
“We invested $28 million in high voltage cable in 2014, and it made Nigeria the fifth country in the world, we are still the fifth and such investment is not easy to come about. We need to focus our investment in the country; we need to focus more on local direct investment. Nigeria runs companies that generation can take on and do better”.
Onafowokan said the organization is making an effort in fighting importation of electrical cable and adulteration by making prices affordable.
His words: “We have capacity to feed Nigerians need, Coleman would always make cable affordable in Nigeria, we are not interested in importing, we are fighting import and adulteration by making our price cheaper and better than the import.
“We are not cheaper because we are reducing quality, we have the highest quality. Ours is a volume thing, if people are producing 100 core today, Colman produces 50 thousand cores in eight hours.
Technically, that is an average of N10 thousand per pack. We are crashing prices of power cables in Nigeria we are making house wire cable affordable.”