The Minister of Power, Aebayo Adelabu has stated the federal government is targeting 100% import substitution as a measure to drive local manufacturing in the power sector.
Adelabu revealed this during a facility tour of Coleman Wires and Cables on Friday in the Arepo area of Ogun.
He explained that the tour aimed to help the Federal Government better understand the capacities of stakeholders across the power value chain, thereby supporting the patronage and sustainability of the sector.
The minister emphasized the government’s commitment to enhancing and developing local content manufacturing to promote import substitution, elevate local companies to champion status and foster global competitiveness.
He said, “It is important to commend the resilience and capabilities of manufacturers in the country. The magnitude of import dependence is huge and those that have supported government’s efforts at import substitution must be acknowledged.”
“Government’s ultimate target is 100% import substitution to drive productive manufacturing, reduce pressure on foreign exchange and make Naira stronger.”
“What coleman is doing is in line with the objectives of the Federal Government on manufacturing and ending the importation cycle and we are ready to support such activities,”
