By Udeme Akpan

THE Managing Director/CEO, Coleman Technical Industries, George Onafowokan, weekend, urged the President Bola Tinubu-led administration to focus on enhancing big energy projects in order to make a significant impact on the nation’s Gross Domestic Product, GDP.

The nation’s GDP grew by 2.31% (year-on-year) in real terms in the first quarter of 2023, indicating a growth rate decline from 3.11% recorded in the first quarter of 2022, and 3.52% in the fourth quarter of 2022.

But speaking in a telephone interview with Vanguard, Onafowokan, who noted that the nation’s business landscape is still dominated by portfolio investors, said: “We are happy that the new administration has started taking decisions quickly. In the past few days, many decisions have been taken, including the repositioning of the Floating LNG project by UTM Offshore Limited. We can see the direction the government is going. We need to see at least 10 FIDs to drive investment. The more we drive investment, the more, of course, we are going to drive local content and create new opportunities.

“We need more investors to go into long term investments, especially in big energy projects in order to impact the GDP. Since population and GDP are related, we should be growing faster than our population of more than 200 million people. We will like to see more projects.”

He said: “As a result of the Nigerian Content Act, currently driven by the Engr. Simbi Wabote-led Nigerian Content Development and Monitoring Board, NCDMB, many indigenous businesses have grown over the years. The Nigerian Content Act of 2010 has been the biggest catalyst for our growth. We are growing in a million ways. We have grown exponentially because it changed our focus from only producing and distributing power and transmission cables to venturing into new areas.

“Today, Coleman has broken the barriers in instrumentation cable, not only in Nigeria but in Africa. We are breaking barriers in specialised cables, including medium voltage cables, and marine cables in the oil and gas sector, due mainly to the Local Content Act.

“The Act has encouraged the development of new projects. We are participants in those projects with cables that have really never been bought in Nigeria or in Africa. If such an Act can be replicated in other sectors, it would go a long way to making much impact in the economy.”

The MD/CEO, who called for the removal of barriers that hinder business among African nations, said: “It is part of our strategic plan to focus on the African market in the next five years. We are looking at West Africa and other parts of the continent because there are investment opportunities there. We are working toward investing in other African countries as long as they keep the opportunities open.”