How To Boost Naira, Grow Economy — Experts - DAILY TRUST
AUGUST 05, 2022
By Abiodun Alade
The Manufacturers Association of Nigeria (MAN) has said the value of the naira will appreciate if Nigeria improves local production and export.
The President of MAN, Mansur Ahmed, made the assertion at the first national stakeholders conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN), in Lagos.
Ahmed, who was represented by Ambrose Oruche, Director of Corporate Services of MAN, called for partnership between commercial banks and the organised private sector, noting that such synergy will grow the economy, attract investment and reduce poverty.
“You can’t charge me 30% interest rate and expect me to be competitive. Dollars won’t come down if we don’t manufacture and export. But how can we do that when our products are expensive,” he said.
Other members of the Organized Private Sector (OPS) also took turn to express their challenges in accessing funds from deposit money banks.
However, the Central Bank of Nigeria called on the OPS to take advantage of its intervention schemes which can be accessed through Bank of Industry (BoI), Development Bank of Nigeria (DBN) and the commercial banks.
The Deputy Director, Banking Services of CBN, Mr Egboagwu Ezulu, urged manufacturers to approach development financing institutions for financial assistance.
“When you talk about financing small businesses, the CBN has done a lot of funding to the sector alluding to trillions of naira and has established two entities for this purpose. Has the manufacturing sector approached the entities for the funds available rather than emphasising on the commercial banks?
“The manufacturing sector should put pressure on the Bank of Industry and Development Bank of Nigeria to source funds, and when we see a lot of pressure from those two entities, the CBN instead of going through commercial banks would push those funds to those two entities rather than going to the commercial banks who would give double-digit loans.
The president of ACAMB, Rasheed Bolarinwa, said the conference aimed at developing a workable roadmap for the OPS and the banking sector to synergise for the benefit of the national economy
“The banking sector and the OPS are meant to be the main drivers of the nation’s economy. One galvanises the credit from the surplus side and redistributes it to the deficit size. The other operates principally from the productive side, creating wealth and values.