Nigerian Cable Market Growth Could Surpass Current ₦200 Billion Value – Ezeobi
Nigerian Cable Market Growth Could Surpass Current 200 Billion Naira Value – Zobis Cable Boss, Ezeobi, The Courage.
The Chairman of Zobis Electrical Wires and Cables, Engr John Ezeobi, has said that importers of substandard wires and cables into the country have been undermining the efforts of genuine local manufacturers of the product in Nigeria.
Speaking in an interview in Onitsha, Anambra State, Engr. Ezeobi said that the annual market value of cables and wires sold in open market in the amount to over N200b.
But when considered against the backdrop of such other sectors like oil and gas, power and real estate which source their cable and wire needs directly from manufacturers, the market’s overall value significantly exceeds the N200b estimate.
He said the potential of the industry is huge because as the country’s population increases, so does the demand for housing, infrastructure, and industrial cables and wires also increase.
He lamented that the importers of substandard cables and wires capitlise on the gap in the industry which has created demands for affordable alternative even as they failed to meet up with the standard.
Consequently, he said, these unscrupulous importers have amassed billions of naira in profit even when they undermined the efforts of genuine Nigerian manufacturers.
These substandard cables and wires, Engr Ezeobi said, posed significant risk because of the poor quality.
Inspite of these challenges, said the industrialist, they have continued to trudge on through strategic massive expansion and collaboration with the Nigerian government, expressing optimism that they would harness full potential of the domestic market.
“The prospects within the industry are vast, and if effectively tapped, they could have a transformative impact on the national economy” said Engr. Ezeobi.
The ongoing demand for housing, he said, created a huge market for electrical cables and wires as every new structure requires these aspect of housing components.
He said: “As the real estate market expands, the electrical cable and wire industry stands to benefit significantly, further fuelling Nigeria’s economic growth”.
In the same vein, he said, realization of the full potential of the industry would help in employment generation, assuring that with proper support and investment, companies like Zobis Electrical Wires and Cables could expand their operations to meet both domestic and international demands.
The chairman said this expansion would create need for factory workers, administrative staff, sales and marketing team and extensive network of distributors within and outside the country.
Noting that the future of cables and wires is bright, Engr Ezeobi called on the Nigerian Government to prioritize the empowerment of electrical cable and wire industry in the country through supportive policies, infrastructure development and access to financing so as to realize the potential of the Industry as well as dominate African market and compete on global scale.
