The planned banks’ recapitalisation by the Central Bank of Nigeria (CBN) will improve lending to the manufacturing sector, former Chairman, Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr Wale Adegbite has said.
Adegbite said this yesterday in Ota, Ogun State, while responding to CBN’s pronouncement that it was planning to implement a new round of banking recapitalisation in line with the anticipated $1 trillion economy by 2030.
The CBN Governor, Olayemi Cardoso, had said the apex bank was planning a 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.
