…Bemoans activities of importers of substandard cables
Engr. John Ezeobi, Chairman of Zobis Electrical Wires and Cable, has decried the activities of importers of substandard wires and cables into the Nigerian market undermining the efforts of Nigerian genuine local manufacturers of the products.
Ezeobi exclusively told our Correspondent in Onitsha, Anambra State on Sunday that the annual market value of cables and wires sold in open markets in Nigeria amounts to over N200b.
He said when considered against the backdrop of other sectors like oil and gas, power and real estate which source cable and wire needs directly from manufacturers, the market’s overall value significantly exceeds the N200b estimate.
Ezeobi noted that the potential of the industry remains 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 alternatives even as they failed to meet the standard.
Consequently, he said, the unscrupulous importers have amassed billions of naira in profit, even when they undermined the efforts of genuine Nigerian manufacturers.
These substandard cables and wires, Ezeobi said, posed a significant risk because of their poor quality.
But despite the challenges, the industrialists said they have continued to trudge on through strategic massive expansion and collaboration with the Nigerian government, expressing optimism that they would harness the 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 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, the realization of the full potential 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 the need for factory workers, administrative staff, a sales and marketing team and an extensive network of distributors within and outside the country.
Ezeobi called on the Nigerian government to prioritize the empowerment of the electrical cable and wire industry in the country through supportive policies, infrastructure development and access to financing to realize the potential of the Industry as well as dominate the African market and compete on a global scale.
