Coleman Technical Industries Managing Director laments high gas prices despite $20m power investment
George Onafowokan, the Managing Director of Coleman Technical Industries Limited, has expressed concern over the high cost of gas for manufacturers, even after his company invested over $20 million in gas-powered electricity generation. He stated that the current domestic gas pricing, at $8.70 per thousand standard cubic feet, is a significant barrier to industrial growth and job creation. Onafowokan urged the Federal Government to reduce the price to approximately $3.50 per thousand standard cubic feet to lower production costs, enhance competitiveness, and stimulate investment. He highlighted that lower gas prices would enable manufacturers to expand production, employ more Nigerians, and compete effectively in export markets. While commending power sector reforms, he emphasized that gas pricing remains a critical policy gap. Onafowokan also called on the Central Bank of Nigeria and the Ministry of Finance to bolster funding for development finance institutions like the Bank of Industry to provide affordable credit to manufacturers and small businesses. He identified manufacturing, agriculture, and trade as key job-creating sectors requiring targeted policy support to achieve a $1 trillion economy. Regarding monetary policy, Onafowokan supported the CBN's decision to maintain the Monetary Policy Rate at 26.5 percent, viewing it as a balance between curbing inflation and ensuring macroeconomic stability, though he anticipates a gradual reduction in interest rates within the
