The Chairman of Zobis Electrical Wires and Cables, John Ezeobi, has said that nigerian cable market can surpass the current N200 billion value.
Ezeobi, while speaking on Tuesday, said that the annual market value of cables and wires sold in the open market in the country amounts to over N200 billion.
He, however, lamented that importers of substandard wires and cables into the country have been undermining the efforts of genuine local manufacturers of the product in Nigeria.
Ezeobi noted that the potential of the industry is huge because as the country’s population increases, so does the demand for housing, infrastructure, and industrial cables and wires also increase.
He expressed worry that the importers of substandard cables and wires capitlise on the gap in the industry which has created demands for affordable alternatives even as they failed to meet up with the standard.
Ezeobi added that these unscrupulous importers have amassed billions of Naira in profit even when they undermined the efforts of genuine Nigerian manufacturers.
He said: “The prospects within the industry are vast, and if effectively tapped , they could have a transformative impact on the national economy”, said Engr. Ezeobi.
” The ongoing demand for housing created a huge market for electrical cables and wires as every new structure requires these aspect of housing components.
“As the real estate market expands , the electrical cable and wire industry stands to benefit significantly, further fuelling Nigeria’s economic growth.”