In Ota, Ogun, Dr. Wale Adegbite, former Chairman of the Manufacturers Association of Nigeria (MAN) Ogun chapter, anticipates a positive transformation in lending to the manufacturing sector due to the Central Bank of Nigeria’s (CBN) announced plans for bank recapitalization. Adegbite expressed his views welcoming the CBN’s decision, which aligns with the vision of achieving a $1 trillion economy by 2030.
The CBN governor, Mr. Olayemi Cardoso, disclosed the recapitalization plan at the 58th Annual Bankers’ Dinner, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Adegbite is optimistic that the proposed increase in the capital base of Deposit Money Banks (DMBs) will result in more accessible loans for manufacturers.
He emphasized the potential positive outcomes for the manufacturing sector, stating, “Any policy introduced by the apex bank to increase the capacity of banks will improve lending to the manufacturing sector, which is a welcome development.” Adegbite envisions this initiative empowering manufacturers to boost productivity through the acquisition of machinery from abroad.
