By Ademola Alawiye

Monday, 15 Nov 2010

Banks have been urged to support indigenous companies with large capital outlay for their operations.

The Executive Vice- Chairman, Multi Trex Integrated Foods Plc, Mr. Ayo Owofemi, said this at the inauguration of the company‘s second cocoa processing factory by President Goodluck Jonathan in Ogun State on Friday.

Owofemi said in a statement by the company that there was the need for banks to support indigenous manufacturing companies, which required huge capital outlay for their operations.

He, however, commended Skye Bank Plc for supporting the company’s operations.

According to him, the bank dared all odds to grant the company various credit lines, which have assisted to evolve into the cocoa processing giant that it is today.

He added, ”Skye Bank identified with and bought into the vision of the company‘s founding fathers very early in 1999 when other financial institutions were not ready to take the risk of supporting local industries.”

He described the bank as one of the few that had contributed to the growth of indigenous businesses and urged other financial institutions to emulate it.

Jonathan commended the founders the company for believing in Nigeria by investing, saying the likes of Multi Trex would enable the country to achieve the objectives of Vision 2020.

The President noted that Nigeria needed many more of such manufacturing companies to increase national productivity and create employment opportunities for many Nigerians.

Source: Punch