Managing Director, Bank of Industry, BoI, Rasheed Olaoluwa, has lauded Coleman Wires and Cables factory for utilising facilities offered by the bank to boost its production capacity from 2,000 to 30,000 metric tonnes of wires and cables.
He also used the occasion to advice operators of small-scale businesses to use the feat to enhance their businesses and compete globally with counterparts in a challenging business environment.
The Managing Director explained that the global business environment has moved on, stressing the need for businesses to be innovative and effective to compete globally.
According to him, the bank’s intervention in the nation’s real sector, especially in the cable and wire 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.
He added that the support of BoI to the company, is consistent with the 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 2,000 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 2,000 metric tonnes of wires and cables and today I am very proud to announce that this company has grown from 2,000 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.
Earlier, the Managing Director, Coleman Wires and Cable, George Onafowokan, said the commissioning of the factory was another milestone geared towards boosting local production of cables and wires to meet the ever-changing needs of 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.

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