Nigeria’s cable market growth may surpass current N200bln value, says Zobis Cable Boss, Ezeobi

By Emmanuel Ndukuba, Awka

Engr. John Ezeobi, the 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 genuine local manufacturers of the products.

Ezeobi exclusively told Persecondnews in Onitsha, Anambra State, on Sunday that the annual market value of cables and wires sold in open markets in Nigeria amounts to over N200 billion.

He said that when considered against the backdrop of other sectors like oil and gas, power, and real estate, which source cable and wire directly from manufacturers, the market’s overall value significantly exceeds the N200 billion estimate.

Ezeobi noted that the industry’s potential remains enormous because, as the country’s population grows, so does the demand for housing, infrastructure, and industrial cables and wires.

He lamented that the importers of substandard cables and wires capitalize on the industry’s gap, which has created demands for affordable alternatives even though 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 in spite of 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,” Persecondnews quotes Ezeobi as saying.

The ongoing demand for housing, he said, created a huge market for electrical cables and wires, as every new structure requires these aspects of housing components.

He said: “As the real estate market expands, the electrical cable and wire industry stands to benefit significantly, further fuelling Nigeria’s economic growth.”

In the same vein, he said, 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 magnate said the expansion would create a need for factory workers, administrative staff, sales and marketing teams, 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 in a bid to realize the potential of the industry as well as dominate the African market and compete on a global scale.