Breaking News
Translate

Industrialist faults increase in MFBs’ share capita

 By Dennis Agbo

ABAKALIKI—A frontline industrialist, Dr. Chike Obidigbo, has criticised the Central Bank of Nigeria, CBN, for the recent increase in the share capital of Micro-Finance Banks from N20 million to N100 million, arguing that the policy was not only arbitrary but would also get many of such banks out of business.

Dr. Obidigbo, who is the Chairman of UCB Micro-Finance Bank Limited, Umunya, also called on President Goodluck Jonathan to pay close attention to the manufacturing sector of Nigeria’s economy as a way of generating employment opportunities for young people, to reduce the rising rate of unemployment and criminality in the country.

Speaking to newsmen in his office in Enugu, Obidigbo reminded President Jonathan that being the prime sector of the economy, manufacturing had the potentials of providing jobs for the teeming unemployed youths of Nigeria, pointing out that was the only way to arrest the near total break down of security in the country.

The industrialist noted that one of the major problems the president should solve for manufacturers was that of energy which, according to him, has crippled activities in the sector.

He stressed that “electric power has remained erratic, inferior and expensive” thus increasing the cost of manufacturing in the country.

Obidigbo, who is also the Chief Executive Officer of Hardis and Dromedas Group, said: “Jonathan is one man who needs the support and prayers of every Nigerian because in truth, the problems before him are enormous.

“But then I know that if he focuses on industrial sector, he will get a lot of relief, especially by way of creating more employment opportunities for young people; by way of also reducing the crime rate.

“Once these young people get employed, some of them will no longer become armed robbers and kidnappers.”


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.