BoI’s intervention boosts cables manufacturing by 30,000 tonnes
•Lauds Coleman on investment drive
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 realisation 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.
He added that the support of BoI to Coleman Wires and Cables, 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 about 30,000 metric tonnes.
In 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.
“Arepo 1is sitting on a 5 hectares of land, while Arepo 2 is sitting on half of the size of Arepo 1 and producing the same capacity. This means that the company has gained 50 per cent efficiency in just a few years. I want to recommend Coleman Cables and Wires to other manufacturers in this country. I want to say that BOI has been there for you and we will continue to be there for you,” he added.
Earlier, the Managing Director, Coleman Wires and Cable, George Onafowokan, said the commissioning of the factory is another milestone geared towards boosting local production of cables and wires to meet the ever changing needs of the Nigerian consumers.
“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,” he said.
He said to achieve a capital expansion project is not an easy task in the country, but stressed that with the support of the BoI, the company’s dream to be the largest producer of wires and cables has been materialised.