A leading cable manufacturer and President of Zobis Electrical Wires and Cables Limited, Chief John Ezeobi, has explained why his company is still investing heavily in Nigeria despite economic challenges.
Ezeobi said that among the several reasons he keeps investing in the country’s economy is that it is easier to establish and nurture a business in one’s own country.
The industrialist stated this in an interview with journalists in Onitsha on Tuesday, noting that Nigeria, with a population of over 200 million, has a large market for any business to thrive in.
He pointed out that Nigeria’s construction sector is worth about $106 billion and growing, adding that they are positioning the company to tap into a multi-billion dollar emerging market.
He said, “As an entrepreneur, it’s easier to succeed in your country. I am not trying to say that entrepreneurs don’t succeed in countries other than their own; I am saying it is much easier to succeed in your own country because you understand the terrain and you have a network you can easily leverage on, you know leveraging is key to business accomplishment.
“I am not sure Aliko Dangote would be this successful if he started elsewhere other than his own country. People like Innocent Chukwuma, Femi Otedola, Tony Elumelu, etc.
“Nigeria is a very large market, the largest in Africa, with over 200 million people. The value of Nigeria’s construction sector is about $106 billion and growing, therefore we are positing our company to tap into a multi-billion dollar emerging market.
“With the kind of market we have in Nigeria, it’s just for you to produce quality things and trust me if you don’t have capacity, you might not be able to meet up with demands. Our population is a great advantage for business. We have opened liaison offices in almost all the major cities in Nigeria.
“We found a niche in the electrical components manufacturing because our country is still a construction site with immense opportunities for companies in the building sector, such as wire and cable manufacturers.”
He stated that the construction market size in Nigeria was $105.8 billion in 2023, and it is expected to rise in 2025, explaining that Nigeria is expected to continue to dominate the cable market in Africa
“Nigeria will continue to be the fastest-growing segment in the Africa Wires & Cables Market. This growth is propelled by rapid urbanization and infrastructure development. It is projected to reach $500 million by 2024.
“These opportunities are for people who are ready and prepared. I counselled young entrepreneurs to believe in the country. Apart from the government, only entrepreneurs can bring solutions to myriads of problems facing the country.”