By Adewale Sanyaolu
Nigeria’s fast depleting foreign reserves may in the months ahead conserve more of the scarce resourcewith the inauguration of a multi-billion-dollar fibre optic cable manufacturing factory promoted by Coleman Technical Industries Limited (CTIL).
The company renowned for manufacturing different specifications of high and low voltage cables for the oil and gas industry and construction sector hopes to leverage the African Continental Free Trade Area (AfCFTA) to play big in the new continental trading block.
Governor of Ogun State, Mr. Dapo Abiodun, disclosed this at the inauguration of CTIL multi-billion-dollar fibre optic cable manufacturing factory in Arepo, Ogun State at the weekend.
Described as the first of its kind in the West Africa region and 5th in Africa, Abiodun noted that the facility would conserve foreign exchange, promote technology transfer as well as generate employment and alleviate poverty in the state.
The Governor hinted that the factory would boost the development of digital economy infrastructure and advance teaching and learning processes in academic institutions across the state and the country.
“The manufacture of fibre optic cables locally will aid the deployment of Information Communication Technology (ICT) in the different sectors of the economy. It will boost tech innovation, advancement in teaching and learning processes in our academic institutions, improve medical care, improve ease and access to data information and enhance internet connection.”
Earlier in his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Wabote, while congratulating the company for the feat it achieved, remarked that the company has successfully leveraged on the Nigerian Oil & Gas Industry Content Development (NOGICD) Act to invest in difficult terrains that were not possible prior to the enactment of the Act.
He said, “It gladdens my heart to say that Coleman has never looked back and it continues to expand its footprint in the industrialization roadmap of Nigeria. Today is a testament to such expansion efforts.”
Represented at the event by the General Manager, Project Certification and Authorization Division, Engr. Paul Zuhumben, the NCDMB boss hinted that fibre optic cable factory will further support the employment creation drive of the Federal government as the facility will employ about 500 persons.
Zuhumben noted that Coleman will benefit from the African Continental Free Trade Area (AfCFTA) which seeks to enable unhindered movement of business, goods and services across the African continent because some of its facilities do not exist in most parts of the continent.
He encouraged Nigeria businesses to emulate Coleman by positioning themselves to take advantage of the provisions of AfCFTA.
