By Providence Ayanfeoluwa
Coleman Wires and Cables has set aside N150 billion for expansion of the production of more GAP cables in Nigeria to speed up the spate of achievement.
Managing Director, Coleman Wires and Cables, Mr. George Onafowokan, who disclosed this, said that the production of GAP cables in Nigeria would save foreign exchange, forex, adding that the production of imported products in the country would not only save forex but also prevent scarcity.
Onafowokan, according to a statement, stated: “We can guarantee the production of transmission cables in Nigeria, which would guarantee jobs. As we deem it fit, we have set aside another N150 billion for the expansion of the production of more GAP cables in Nigeria to speed up the spate of our achievement in this regard.
“The major advantage to us is that the new technology cable that transmits power is now being made locally, which means the forex that has been put into importation can be put into naira.”
He said that the production of GAP cable by his company would stop its importation and enable the country to replace obsolete and expired transmission lines, which he said contributed to poor power supply in the country.
He stated: “The transmission line now needs a more powerful gap cable. Until Coleman started making this locally, we had been importing this cable for the past 10 years. Invariably, the major advantage of this to Nigeria is that we can now buy the cable locally with our currency. The GAP cable would be able to replace obsolete and expired transmission lines.