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From Bimbola Oyesola
The Managing Director and Chief Executive Officer of Coleman Technical Industries Limited, George Onafowokan, has urged Nigeria’s experienced manufacturers to deliberately mentor younger entrepreneurs, warning that the country’s ambition to become Africa’s industrial powerhouse may remain elusive unless a new generation of indigenous industrialists is nurtured.
Speaking on the future of Nigeria’s manufacturing sector, Onafowokan said building a strong industrial base requires more than government policies, stressing that established manufacturers must take responsibility for transferring knowledge, skills and business experience to emerging entrepreneurs capable of sustaining industrial growth.
He argued that too many Nigerians still view commerce and trading as the quickest route to wealth, whereas genuine economic transformation can only be achieved through manufacturing, which creates jobs, drives innovation, expands exports and strengthens the nation’s productive capacity.
According to him, increasing indigenous participation in manufacturing remains one of the most effective ways to diversify the economy, reduce dependence on imports and position Nigeria as the manufacturing hub of Africa.
“We need to encourage younger entrepreneurs to venture into manufacturing. Those of us who have built industries over the years must mentor them because developing the next generation of manufacturers is essential for Nigeria’s long-term economic prosperity,” Onafowokan said.
While admitting that many Nigerians are yet to experience the full benefits of the Federal Government’s economic reforms, the industrialist urged citizens to remain patient, noting that structural reforms require time before their gains become fully evident across the economy.
Drawing parallels with China’s economic transformation, he observed that the Asian giant did not become a global manufacturing powerhouse overnight but achieved its success through decades of consistent industrial policies, investment and perseverance.
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“We are not there yet, but we have made significant progress. The economy is becoming more stable, investor confidence is improving, and manufacturing remains Nigeria’s long-term path to sustainable economic growth,” he stated.
Onafowokan also appealed to the Federal Government to maintain consistency in its fiscal and monetary policies, saying sustained reforms would strengthen investor confidence and protect the economy from policy uncertainty, particularly as political activities ahead of the 2027 general elections begin to gather momentum.
He commended recent macroeconomic reforms, including the removal of fuel subsidy, the harmonisation of the foreign exchange market and the operationalisation of the Dangote Refinery, describing them as bold measures that helped cushion Nigeria from severe global economic shocks.
According to him, the country’s foreign reserves, now exceeding $50 billion, together with improved fuel supply, have restored confidence among investors and enabled manufacturers to plan with greater certainty despite prevailing economic challenges.
Highlighting the pace of industrial expansion in Ogun State, Onafowokan disclosed that the Manufacturers Association of Nigeria (MAN), Ogun State Chapter, now admits between 10 and 15 new functional manufacturing companies every one to two months, a development he described as evidence of growing confidence in Nigeria’s industrial potential.
He, however, expressed concern that nearly 70 per cent of the new investments are owned by foreign investors, warning that indigenous manufacturers remain at a significant disadvantage because of the high cost of financing in Nigeria.
While foreign manufacturers, he noted, can obtain long-term financing at interest rates ranging from two to six per cent, Nigerian businesses often contend with commercial lending rates of about 26.5 per cent, making it difficult for local investors to compete on equal terms.
Although he praised the Bank of Industry for providing relatively affordable funding to manufacturers, Onafowokan called for greater access to patient and low-cost capital to accelerate indigenous industrialisation. He added that despite disruptions caused by geopolitical tensions involving the United States, Israel and Iran—which pushed shipping costs for a 40-foot container from Asia to Africa from about $3,000 to between $6,000 and $7,000—Nigeria’s manufacturing sector remains on a cautious path to recovery. “The global crisis came as a shock to manufacturers. We had no choice but to adjust our business strategies to cope with the new realities,” he said.
