How Cables Sector Can Grow Nigeria’s Economy – Zobis Electrical Boss, Ezeobi

The electrical cables and wires sector has been identified as a critical component of any growing economy, forming the backbone of infrastructural development, industrial expansion and residential growth.

The Chief Executive Officer of Zobis Electrical Wires and Cables, John Ezeobi, disclosed this to journalists in Onitsha, the Anambra State commercial nerve centre on Monday, adding that despite the potential in the sector, Nigeria is yet to tap into it for rapid economic transformation.

Ezeobi added that as Nigeria continues to navigate its developmental challenges, the electrical cables and wires sector presents a unique opportunity to drive significant economic growth, increase the Gross Domestic Product and create substantial employment opportunities.

He further explained that to fully realise this potential, the Federal Government must prioritise the empowerment of the electrical cables and wires industry through supportive policies, infrastructure development, and access to financing. By doing so, Nigeria would not only dominate the African market but also compete on a global scale.

He averred that the industry in Nigeria has seen considerable growth in recent years, with local manufacturers producing products of world-class quality that often surpass their imported counterparts.

He said, “However, despite the superior quality of locally produced cables and wires, the market has been inundated with substandard imported products. These inferior goods have managed to penetrate the Nigerian market, driven by importers seeking to capitalise on the country’s demand for affordable alternatives.

“As a result, these importers have garnered billions of naira in profit, undermining the efforts of genuine Nigerian manufacturers and posing significant safety risks.”

He added that despite these challenges, industry leaders in the country are committed to changing the narrative through a strategy of massive expansion and collaboration with the Federal Government.

He said indigenous companies like Zobis aim to harness the full potential of the domestic market, explaining that the prospects within the industry are vast, and if effectively tapped, they could have a transformative impact on the national economy.

He added, “The sector can trigger economic growth and employment creation.

“The electrical cables and wires industry in Nigeria is estimated to have a yearly market value of over N200 billion, focusing solely on the trade market.