June 15, 2009

Industrialists Call for more Specialised Banks

The Central Bank of Nigeria (CBN) has been   urged to increase the number of specialised banks in the country.
Officials of the Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI) told NAN in separate interviews on Thursday in Lagos that the increase would enable the real sector to have more access to credits.

Man Boss

Man Boss

They noted that apart from poor electricity supply, the real sector is confronted with the challenges of accessing loans.

According to them, the increase would create innovations and competitiveness in growing the econmy.
Alhaji Basher Borodo, President of MAN said that the limited products of banks did not create room for enough funds for long term projects.

“There will be no harm in having a specialised bank to cater for the various sectors of the economy,” he said.
Chief Solomon Onofowokan, President of the LCCI, said that the CBN should ensure that various monetary polices were implemented to have the desired impact on the economy.

He identified FOREX as the heart of trade, adding that government should ensure that genuine local industrialists have access to FOREX to enhance capacity utilisation.

Onofowokan, however, urged local and foreign exhibitors to attend this year’s Lagos International Trade Fair (LTIF) because of the opportunities of showcasing products.

According to him, the chamber will guarantee adequate security, power and provide sectoral product pavilion.
Mr Goodie Ibru, Chairman, Trade Promotion Board, said the trade fairs were getting better each year because each fair was designed to benefit from the experience of the previous year.
He said the board was committed to ensuring added value to the exhibitors and other clients during the fairs.