25.4 C
Abuja
Thursday, July 2, 2020

COVID-19 : Organized Private Sector lauds CBN’s intervention in manufacturing and agribusiness sectors 

Assessing the initiative, MAN's Director-General, Mr Ambrose Oruche, said the apex bank’s plan was a prerequisite for economic growth and recovery in post-COVID-19 Nigeria

Must Read

COVID-19 transmission: NCDC blames youths, says responsible for fatalities of the aged 

  The Nigeria Centre for Disease Control (NCDC) has blamed youths for the transmission of Coronavirus and infecting the elderly across...

NSITF MD, Executive Directors, others given the boot 

  The Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr Adebayo Somefun, has been suspended indefinitely...

NNPC allays fears of fire outbreak on vandalized Lagos pipeline  

  The Nigerian National Petroleum Corporation (NNPC) has allayed the fears of Lagos residents of a possible fire outbreak from...

 

 

The Central Bank of Nigeria’s planned disbursement of N93.2 billion out of N1 trillion intervention fund for manufacturing and agribusiness sectors has received stakeholders’ commendation.

 

The intervention is part of post-COVID-19 initiatives for the nation’s economic recovery.

The Organized Private Sector under the aegis of Chamber of Commerce and Industry and thecManufacturers Association of Nigeria (MAN) applauded the Apex Bank’s intervention.

Persecondnews recalls that the CBN Governor, Mr Godwin Emefiele, had at the May 2020 Monetary Policy Committee Meeting, announced that the bank will disburse N93.2 billion out of the N1 trillion intervention fund to bolster ailing manufacturing and agricultural sectors already hit by COVID-19 pandemic lockdown.

Assessing the initiative, MAN’s Director-General, Mr Ambrose Oruche, said the apex bank’s plan was a prerequisite for economic growth and recovery in post-COVID-19 Nigeria.

According to him, the manufacturing and agric sectors, being the largest drivers of employment, industrialisation and economic growth, need adequate monetary policy intervention.

Oruche said: “The disbursement is in line with Federal Government’s agenda to keep exploring options with the private sector to fund investments in infrastructure.

“This is expected to aid employment generation, support production and boost output growth and so it is a very welcome development.”

On his part, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, while giving kudos to the CBN  initiative, lamented the difficulties faced by would-be beneficiaries in accessing the funds.

He said many entrepreneurs had inundated the chamber with complaints about their inability to access the loans.

Yusuf urged the relevant authorities at CBN to undertake periodic impact assessment of the fund and publish the status of implementation such as disbursements, number of beneficiaries and general impact of the funds.

“Finance is critical to strengthening the real sector of the economy.

“Funding is necessary but not sufficient condition to transform manufacturing, agriculture and mining sectors.

“We need more active interventions from regulatory agencies, the Nigerian Customs Service, better power delivery from the electricity sector, better transport logistics, seamless cargo clearing processes and an investment friendly bureaucracy,” the LCCI DG said.

He noted that the complementary actions were desirable and important to achieve the desired outcomes of a truly diversified economy.

Yusuf, therefore, appealed to commercial banks in the country to take a cue from the CBN on the promotion of economic development goals.

- Advertisement -
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

- Advertisement -

Latest News

COVID-19 transmission: NCDC blames youths, says responsible for fatalities of the aged 

  The Nigeria Centre for Disease Control (NCDC) has blamed youths for the transmission of Coronavirus and infecting the elderly across...

NSITF MD, Executive Directors, others given the boot 

  The Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr Adebayo Somefun, has been suspended indefinitely on the orders of President...

NNPC allays fears of fire outbreak on vandalized Lagos pipeline  

  The Nigerian National Petroleum Corporation (NNPC) has allayed the fears of Lagos residents of a possible fire outbreak from a vandalized point on its...

Breaking: COVID-19 fatality: Ondo State Health Commissioner, Dr Wahab Adegbenro, dies 

  Two days after Ondo State Gov. Rotimi Akeredolu tested positive for Coronavirus, the Health Commissioner, Dr Wahab Adegbenro, has died.   Adegbenro, who died at the...

Hushpuppi extradited to U.S. to face cyberfraud, identity-theft and money-laundering charges

    Raymond Igbalode Abbas, known as "Hushpuppi" has been extradited from Dubai to Washington, DC to face charges of money laundering and fraud.   One Olalekan Jacob Ponle...

More Articles Like This

- Advertisement -