BoI restates commitment to deepen finance to real sector

The Bank of Industry (BoI) has reaffirmed its commitment to increase developmental financing to the real sector toward enhancing capacities to drive optimal economic growth.

Mr Olukayode Pitan, Managing Director of BoI made the pledge during the facility tour of Proforce Ltd., on Saturday at Ode-Remo, Ogun State.

Pitan said that the bank would continue to support companies that were investing in backward integration, evolving innovative products, providing employment to Nigerians and supporting government’s diversification agenda.

He said that the tour of the company showed that a Nigerian company had succeeded in developing domestic capacity for the production of armoured vehicles by acquiring modern technology from all over the world to make military grade defence vehicles.

Pitan said that BoI would support Proforce Ltd with more funds to aid its production and expansion drive, to deepen its operations.

On his part, Mr Adetokunbo Ogundeyin, Managing Director, Proforce Ltd, commended BoI for supporting his operations with access to finance, saying it would not have grown without funding from the bank.

According to him, Proforce has developed a large portfolio of products for the military and civilian markets.

“We are able to customise solutions to fit clients’ needs, while maintaining the industry’s highest levels for quality and performance.

“With upsurge of insurgency in North East, we request that BoI aid in financing of Proforce defense expansion drive,” he said.

He said that the company had acquired about 150 hectares of land for expansion and to deepen backward integration into its production process.

Ogundeyin said the company had started local production of helmets and vests.

Our correspondent reports that Proforce is a total defence solution provider that specialises in armoured vehicles manufacturing and personal protection.