NewStats: 3,263,712 , 8,181,131 topics. Date: Saturday, 07 June 2025 at 01:28 PM bp52

A new dawn beckons? Foreign investors are pouring into Nigeria with such alacrity that local manufacturers can barely keep up with the influx, and are being compelled to upgrade their operations in line with incoming competition.


Manufacturers see Foreign Investors Flocking into Nigeria Amid Headwinds

Foreign investors are once again trooping into Nigeria amid economic uncertainty that has led many out of Africa’s largest consumer market, tapping opportunities to stay afloat, manufacturers have said.

A Rising Colossus. Lagos, Nigeria


George Onafowokan, the managing director of Coleman Wires and Cables Industries Limited, said that despite prevailing economic challenges, more foreign investors are entering the country to establish businesses.

This is as some local firms continue to grapple with a volatile operating environment, a condition that is shrinking their profitability and hindering growth.

Onafowokan urged Nigerian manufacturers to look inward and explore the abundant opportunities within the country to boost their enterprises.

He made this known on Thursday during the 2025 Manufacturing Conference organised by BusinessDay in Lagos, with the theme: “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence.”

Speaking as the chairman of the Ogun State chapter of the Manufacturers Association of Nigeria (MAN) during a session, Onafowokan disclosed that, in his capacity, he signs off on applications from companies ing the association.

From this vantage point, he noted a growing trend of foreign businesses setting up in Nigeria, contrasting it with the hesitancy and pessimism of some local firms.

Commenting on the issue of multiple taxation, the Coleman MD described it as detrimental to the manufacturing sector. Nevertheless, he emphasised that, despite these hurdles, foreign investors continue to establish operations in Nigeria, and some local manufacturers are showing resilience.

“There are opportunities to tap into. We only need to take a long-term view and be deliberate,” Onafowokan said.

In the same vein, Adetunji Aderinto, founder of Zetamind Consulting Limited and a fellow ist, remarked that foreign investors often recognise prospects in the Nigerian market that many local manufacturers overlook. He advised manufacturers to reduce costs through technology adoption and data utilisation.

“Some manufacturers shut down operations because they don’t understand what their customers need. They need to increase market share and strengthen their supply chains,” Aderinto added.

Onafowokan concluded by asserting that Nigerian-made products, such as those from Coleman Cables, sur many foreign alternatives in quality. He encouraged Nigerians not to compromise the country’s potential for short-term gains elsewhere.

Abuja, Nigeria


Also speaking during the session, Olusola Obadimu, the director general of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), called on the Federal Government and the Central Bank of Nigeria (CBN) to take urgent steps to curb inflation.

He also urged state governments to focus more on people-centric development rather than internally generated revenue alone.

The ists collectively encouraged Nigerians to patronise locally made products and commended the Federal Government’s efforts in promoting the “Buy Nigeria” campaign.

In his remarks, Segun Ajayi-Kadir, the director general of MAN, made a strong case for policy interventions to unlock the sector’s full potential. He stated, “The Nigerian government holds the primary responsibility for creating an enabling environment to unlock the manufacturing sector’s potential. This requires strategic action across infrastructure, fiscal policy, and regional integration.”

Ajayi-Kadir acknowledged the age of four tax reform bills aimed at streamlining the tax system and praised the government’s Nigeria First Initiative. However, he emphasised the need for swift and effective implementation.

He further recommended making the Nigeria First Policy a binding law, with penalties for violators, to ensure transparency, public awareness, and enforcement.

https://businessday.ng/companies/article/manufacturers-see-foreign-investors-flocking-into-nigeria-amid-headwinds/

Nigeria needs a robust database to track people who are unemployed, underemployed and employed with their demographics.

Also, we need to know the number of jobs created in the country every month. Serious countries like the USA release this data all the time. I don't know why this is rocket science.

SmartPolician:
Nigeria needs a robust database to track people who are unemployed, underemployed and employed with their demographics.

Also, we need to know the number of jobs created in the country every month. Serious countries like the USA release this data all the time. I don't know why this is rocket science.

They are already starting to do this nau, oga.

They are even bringing in AI and other technologies to track all these issues.

Na small small.... Let's first celebrate the renewed interest in Nigeria by foreign investors after decades of their fleeing the country!

I keep telling folks. ''Give Tinubu time... he will fix this economy.''

I actually think the growth that is coming will be the most explosive in Nigerian history.

Kemetian:


They are already starting to do this nau, oga.

They are even bringing in AI and other technologies to track all these issues.

Na small small.... Let's first celebrate the renewed interest in Nigeria by foreign investors after decades of fleeing the country!

The person you are quoting is a born Tinubu hater. To them everything is tribalism. I am from SE but I can see Tinubus visionary strides in all spheres. Everything should not be politicized.

Max24:

The person you are quoting is a born Tinubu hater. To them everything is tribalism. I am from SE but I can see Tinubus visionary strides in all spheres. Everything should not be politicized.

You are indeed a wise man in the finest Igbo traditions.

Many thanks.

If you like,don't believe this news
President Bola Ahmed Tinubu has laid the foundation for our economic growth
The first is the streamlining of our taxes
With this,investors have a clear indication of taxes to be paid instead of multiple taxes which was obtainable before
The second is the reparations of their investment
The truth is,the world is right now in a very tricky position with what Donald Trump is doing in America
Foreign investors are seeking stability and the president is giving this with his strong leadership

As always, propaganda. The one up there said 'give Tinubu time'. Same thing they said when Buhari was President.

The level of propaganda agba.do urchinz keep dishing is worse than their BMC counterparts, even the vulture griller wasn't this terrible.

Karlovych:
The level of propaganda agba.do urchinz keep dishing is worse than their BMC counterparts, even the vulture griller wasn't this terrible.

Propaganda, the new embrace word in the Obidients camp

helinues:


Propaganda, the new embrace word in the Obidients camp

Mannabbqgrill did this zom.bie work more than this for 8 years, that's 8 years he'll never get back and at almost 50 he's filled with regrets. Go and find something meaningful to do with your life and don't waste it.

Starting zom.bie work very early in the morning with no overtime isn't worth it.

I like the comments above, they are all from same group. Their time of posting is early morning before going to work.

Good news...

But I was expecting to see some names of the foreign investors pouring into the country...

The are falling over themselves trying to get into Nigeria.

The planes are full, the international airport is bustling.

There is no room for anyone due to foreign investors.

Na statistics we go chop? Propaganda no be governance

Faiththatworks:
If you like,don't believe this news
President Bola Ahmed Tinubu has laid the foundation for our economic growth
The first is the streamlining of our taxes
With this, investors have a clear indication of taxes to be paid instead of multiple taxes which was obtainable before
The second is the reparations of their investment
The truth is, the world is right now in a very tricky position with what Donald Trump is doing in America
Foreign investors are seeking stability and the president is giving this with his strong leadership

Honestly. Stability is gold right now, since Trump got into office over there.

No country or company wants wahala with all those unpredictable policy somersaults as currently obtains in the US.

If Nigeria continues to show a steady economic hand, she will attract many investors in the coming years. Don't forget that Nigeria is projected to become the 3rd most populous country on Earth after China and India by 2045.

That market size (400 million population by 2045) makes her a huge global investment magnet going forward.

She will attract global investors like bees to a honey pot!

When you now add all this to the AI Revolution that's upon us, you can see that Nigeria over the next 10 to 15 years will be a very different place.

This is no news, investors are coming into mining, livestock, oil & gas, manufacturing, digital sectors already. Only bitter people are still living in self delusion.

Invisible investors investors without names

helinues:

Will you like to work for foreign investors?

Let them go and invest in Benue and Borno

The investors no get name abi.

Let's keep deceiving ourselves

Buhahahahahahahahaha 😂😅😂🤣🤣🤣🤣🤣

Audio investment. With the high unemployment. Please, mention those investors and their location. No be 9je I dey

We really need it, at least it reduces unemployment

T

Propaganda can't airbrush reality but delusion is FREE!😂😂😂

I was expecting to see the names of the foreign investors in the article but can’t find it ..

Lazy journalism or pro....... at its best..

Kemetian:

https://businessday.ng/companies/article/manufacturers-see-foreign-investors-flocking-into-nigeria-amid-headwinds/

Lies filled write up

Since tinubu enter office Nigerians just dey Cho statistics 😭🤣