John Ezeobi, Chairman of Zobis Electrical Wires and Cable, has decried the activities of importers of substandard wires and cables into the country, saying unchecked imports of the products undermine the efforts of genuine local investors and manufacturers of the products.
Ezeobi exclusively told BusinessDay in Onitsha, Anambra State on Sunday that the market value of cables and wires sold in open markets in Nigeria amounts to over N200 billion, annually.
He said when considered against the backdrop of such other sectors like oil and gas, power and real estate who source cable and wire needs directly from manufacturers, the market overall value significantly exceeds N200 billion estimates.
Ezeobi noted that the potentials of the industry remain 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 capitalise on the gap in the industry which has created demands for affordable alternative even as they fail to meet up with the standards.
Consequently, he said, the unscrupulous importers had amassed billions of naira in profit, even when they undermined the efforts of genuine Nigerian manufacturers.
These substandard cables and wires, Ezeobi said, posed significant risk because of the poor quality.
But inspite of the challenges, the industrialist said they had continued to trudge on through strategic massive expansion and collaboration with the Nigeria Government, expressing optimism that they would harness full potentials 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 Ezeobi.
The ongoing demand for housing, he said, created a huge market for electrical cables and wires as every new structure requires this aspect of housing components.
He said, “As the real estate market expands, the electrical cable and wire industry stands to benefit significantly, further fueling Nigeria’s economic growth”.
In the same vein, he said, realization of the full potentials of the industry would help in employment generation, assuring that with proper support and investment, companies like Zobis could expand their operations to meet both domestic and international demands.
The cable magnet 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.
Ezeobi called on the Nigeria 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 potentials of the Industry as well as dominate the African market and compete on global scale.
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