BoI Intervention Expands The Cables and Wires Industry
THE Bank of Industry’s s intervention in the nation’s real sector, especially in the cables and wires industry, has increased local production of electric cables by 28,000 metric tonnes following the expansion of Coleman Wires and Cables factory from 2000 metric tonnes to 30,000 metric tonnes.
Speaking during the official commissioning of Coleman Wires and Cables factory, Arepo 2, in Ogun State, Managing Director, BoI, Rasheed Olaoluwa, said: “BoI is very pleased to have been instrumental to making this factory a reality. As a lender, you are happy, when you give out a loan and the loan has been well utilised for the purpose of which it was taken.
He added that the support of BoI to the company is consistent with the Development Finance Institution’s mission to transform the nation’s industrial sector, adding that the company has been able to shoot up its production capacity from 2000 metric tonnes to 30,000 metric tonnes.“We are very happy to see that the facility we have disbursed to this company has turned into a reality.”
His words: “We are very proud of the achievement of the company. From inception, the company started roughly with about 2000 metric tonnes of wires and cables and today I am very proud to announce that this company has grown from 2000 tonnes to over 30,000 tonnes of cable.”
According to him, the cable company was able to achieve this feat by maintaining and producing high quality standards of cable acceptable in any part of the world.
“It is no accident that the company has become the largest producer of cables and wires not only in Nigeria but the entire West African region. This company is a very innovative one achieving great strides in their business operations over the years and has also improved on“their activities and has also gained efficiency over the years,” he said.
The Managing Director, Coleman Wires and Cable, George Onafowokan, stated that “Our viewpoint is to satisfy local demand by also removing the import element. Arepo 2 is a continuous process of our innovation and commitment to the Nigerian market. With this expansion, we are telling the world that is possible for Nigerian companies to succeed in“engineering business and we are not stopping here,”