Skip to main content

LCCI, MAN praise CBN’s bailout funds for economic recovery


Dr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), in an interview with News Agency of Nigeria (NAN) in Lagos on Thursday, welcomed the development.

 

Yusuf commended the spirited efforts of the CBN in the promotion of development finance.

He, however, stated that many businesses had reported cases of inability to access the loan facilities to the chamber.

He implored CBN to undertake periodic impact assessment of the fund and publish the status of implementation, disbursements, number of beneficiaries and general impact of the funds.

“Finance is critical to the strengthening of 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.

“These complementary actions are desirable and important to achieve the desired outcomes of a truly diversified economy.

“We also implore the commercial banks to take a cue from the CBN in the promotion of economic development goals,” he said.

Also, Mr Ambrose Oruche, Director-General Manufacturers Association of Nigeria (MAN) stated that the plan was a prerequisite for, and very critical to, economic growth and recovery post COVID-19.

Oruche reiterated that the manufacturing and agriculture sectors being large drivers of employment, industrialisation and economic growth, needed adequate monetary policy intervention.

“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 is a very welcome development,” he said.

Mr Godwin Emefiele, Governor of CBN at the CBN Monetary Policy Committee Meeting last week, disclosed that N93.2 billion out of the N1 trillion would be disbursed as intervention.

The Apex bank boss the areas for intervention as agriculture and manufacturing firms, under the real sector support fund, to boost local manufacturing and production across critical sectors.

 


SOURCE: NAN

 

 

 


Comments

Post a Comment

Popular posts from this blog

Reject List From Countries In breach Of 30 Percent Women Representation – Njai Tells ECOWAS Parliament

A Gambian representative to the ECOWAS Parliament, Honorable Fatoumatta Njai has challenged the Community Parliament to reject list of countries that are short of thirty percent women’s representation to the Parliament. Speaking in an exclusive interview at the official Opening Ceremony of the Fifth Legislature’s delocalized meeting of the Joint Committee on Social Affairs, Gender and Women Empowerment / Education, Science and Culture/Health, currently holding in Monrovia, Liberia on the theme, “ Empowerment of Women in the ECOWAS Region.” Njai said that some countries lack female representation in the Conference of Bureau, this according to her is disregarding the ECOWAS Rules of Procedure. “The Rules of Procedures mentioned that each member country should have a female representation at the Conference of Bureau. Each country has three members in the Conference of Bureau, so each country can at least have one female member which will be thirty percent representation. I thin...
Post a Comment
Read more
ECOWAS Parliament pushes for immediate solutions to region's humanitarian crisis Lawmakers of the ECOWAS Parliament says its seeking to invoke its parliamentary powers to resolve the humanitarian crisis across region. This is following the report presentation by the Parliamentary Joint committee on Political Affairs, Peace and Security and APRM/Legal and Judicial Affairs, Human Rights, Protection of the Child and Vulnerable Groups on the security of the Region. As contained in the report, the political situation in the Republic of Guinea as well as the political and security situation in Mali among others, calls for serious attention most especially as it regards to pre and post-election situations, and which also arises from the preparedness level for the presidential elections that are planned in 2020.  Honourable Snowe Jnr of Liberia responding to the report said that there is an urgent need for the ECOWAS Parliament to utilize its power ...
Post a Comment
Read more

Deploy Technology for free and credible elections- Goodluck Jonathan challenge ECOWAS

Ifeanyi Valentine Nigeria’ s Former President, Dr.Goodluck Ebele Jonathan has called on the ECOWAS Sub region to utilize the possibility of technology in our electoral process so as to have free and fair elections. He said this while making his contribution as one of the panelists at the ongoing First Extra Ordinary Session put together by the Fifth Legislature of ECOWAS Parliament holding in Monrovia the capital city of Liberia. According to him the reason why citizens of the sub region often times lost confident in their leaders is because they believe the use the power of incumbency to manipulate the electoral system so as to continue to perpetuate themselves in power even at the detriment of the people. He said that if full technology is deployed in all the stages involved in the electoral process the elections will not only be free and fair but it will completely eliminate the manipulation and rigging of election results.’ “When technology is deployed across board you w...
Post a Comment
Read more