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BoI’s Support Boosts Cables Manufacturing By 30,000 Tonnes

Having aided the realisation of a local production capacity of about 30,000 metric tonnes in wires and cables in the country, the Bank of Industry (BoI) has emphasised the need for businesses to be innovative and effective to compete globally with their counterparts, considering the competitive and challenging business environment in which businesses operate.
Managing Director, BoI, Rasheed Olaoluwa, explained that the global business environment has moved on, stressing that Nigerian businesses cannot afford to be left out.
According to him, the bank’s intervention in the nation’s real sector, especially in the cables and wires industry, has led to a realization of a production capacity of 30,000 metric tonnes following the expansion of Coleman Wires and Cables factory.
Olaoluwa during the official commissioning of Coleman Wires and Cables factory, Arepo 2, however commended the company for ‎its doggedness and confidence in the Nigerian economy, commending the indigenous cable manufacturing company for investing in the manufacturing sector despite the harsh terrain facing the sector.
‎“I want to express our congratulations to Coleman Wires and Cable to say BoI is very pleased to have been instrumental to making this factory a reality. As a lender when you give out a loan and the loan has been well utilised for the purpose of which it was taken. We are very happy to see that the facility we have disbursed to this company has turned into a reality,” he said.

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