By Ige Adekunle
Former Chairman, Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr Wale Adegbite, says the planned banks’ recapitalisation by the Central Bank of Nigeria (CBN) will improve lending to manufacturing sector.
Adegbite said this while speaking with the News Agency of Nigeria (NAN) on Tuesday in Ota, Ogun.
He spoke on the CBN pronouncement that it was planning to implement a new round of banking recapitalisation in line with the anticipated $1 trillion economy by 2030.
NAN reports that Mr Olayemi Cardoso, the CBN Governor, had on said the apex bank was planning new round of recapitalisation for the commercial banks.
Cardoso announced the plan on Friday at the 58th Annual Bankers’ Dinner, organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
The ex-MAN chairman said the decision of CBN to raise the capital base of Deposit Money Banks (DMBs) would make more loans available to the manufacturers.
“Any policy introduced by the apex bank to increase capacity of banks will improve lending to the manufacturing sector is a welcome development.”
He said this would help manufacturers to boost productivity through provision of machineries from aboard. (NAN)
