Financial Energy Review
An oil and gas service company, Coleman Technical Industries Limited (CTIL), has opened its multi-billion-dollar fibre optic cable manufacturing factory, hoping to take advantage of the African Continental Free Trade Area (AfCFTA) to play big in the African market.
The company is renowned for manufacturing different specifications of high voltage and low voltage cables for the oil and gas industry and construction sector.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Kesiye Wabote, in company of the Executive Governor of Ogun State, Prince Dapo Abiodun, on Friday commissioned the factory located at Arepo, Ogun State.
The world-class facility is the first of its kind in the West African region and 5th in Africa and is expected to help develop the digital economy of the country and the West African region.
Congratulating the company for the feat achieved, the Executive Secretary remarked that the company has successfully leveraged 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.
He pledged that the Board would continue to support the investment and ensure that project promoters and stakeholders of the Oil and Gas sector buy their fibre optic cables in-country in order to sustain the operations of the facility.
In his remarks, the Executive Governor of Ogun State, Prince Dapo Abiodun, 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.
Abiodun noted that the facility would conserve foreign exchange, promote technology transfer as well as generate employment and alleviate poverty in the state. In his words, “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.”
In his welcome address, the Managing Director of Coleman Technical Industries Limited (CTIL), Mr. George Onafowokan, disclosed that the company had firm belief in local content and building capacity locally to generate wealth and create jobs.
Onafowokan mentioned that the facility will create about 800 direct jobs and over 2000 indirect jobs. He mentioned that the company is set to commence work on the second phase of the factory in order to meet the market demand for fibre optic cables.
