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The Managing Director of Coleman Wires and Cables, Mr. George Onafowokan has emphasised the need to focus on Domestic Direct Investment than on Foreign Direct Investment (FDI) for the sustainability of local content in Nigeria.
The CEO Coleman, who was among the panelists during the just concluded Nigeria International Energy summit organised by Nigeria National Petroleum Corporation (NNPC) disclosed this in Abuja.
Onafowokan said there is need for Nigerians to see the growth of the country based on themselves before anybody else.
“We need to be more deliberate as Nigerians and need to see the growth of this country based on ourselves before anybody else. We always say FDI and we seem to forget Domestic Direct Investment (DDI).
” It is good we have FDI, but how many of them are thinking of the second generation? I think it is very hard to find. When you are talking about DDI in local content that means talking about the children and their sustainability.
” At this point, the investment is a long-term one and the investors are more patient and have long-term thinking”, he added.
He stressed that local content has made some of them look directly into the future.
“The impact of local content indirectly makes an impact on other sectors. So, in a company like ours industry, we are going to be impacting all sectors like energy, power, life growth as well as sustainability in other areas. Today we are talking about transmission issues and how to solve the problems”, he said.
In a related development, The Coleman Wires and Cables emerged as the best Local Content Company of the year at Nigeria International Energy Summit (NIES) held in Abuja.
Onafowokan, while speaking on the significance of the award, said “This speaks on our impact and what we have been doing and our investment as regards local content”.
According to Onafowokan, this is an award for Nigerians and West Africans that have built capacity in cables and that made Coleman stand out as a company.
