By Franklin Ali
LAGOS—THE Governor of the Central Bank of Nigeria(CBN) Sanusi Lamido Sanusi, at the 38th annual general meeting of the Manufacturers Association of Nigeria, yesterday, drummed support for the Director General of the Securities and Exchange Commission (SEC), Dr. Arumah Oteh, saying that she has the capacity to reform the nation’s capital market.

Also, the Manufacturers Association of Nigeria (MAN) has asked the Federal Government for 15-20 years policy consistency asserting: “Nigeria is going no where without a long-term policy consistency.”

Sanusi, who was guest speaker at the AGM, while not dwelling on the sack of Prof. Ndi Okereke-Onyuike as NSE DG including the suspension of Alhaji Aliko Dangote as President over the alleged mismanagement of funds and other allegations relating to inadequate oversight of the NSE, however, declared his support for the SEC DG, and urged the business community to stand by her.

With reference to Oteh, Sanusi said: “We have finally found a personality who has the capacity to reform the capital market.”

Sanusi who spoke on the theme “Enhancing the flow of credit to the manufacturing sector in Nigeria through the ongoing banking sector reform,” stated that the reason for reforms in the banking sector was to ensure that banks are strong, sound and reliable in terms of corporate governance, asset quality, solvency and capital adequacy, and operation efficiency.  These, he believes are crucial for credit availability to the real sector.

He said: “The ability to deliver credit to the economy depends on the states of the banks and the operating environment. The capital base of a bank goes along way to determine the ability of that bank to make loans to the real sector.

This is important because the volume of loans that could be made to an individual or corporate body, by law, is tied to the capital base of banks.”

He told the manufacturers that the apex bank will continue to look for ways to consolidate on the gains achieved from the banking reforms.  He further assured that the CBN is determined to move the real sector forward, and to pro-actively position the banking system to become a sound and reliable catalyst for development.

A refocuses banking system will engender access to finance for viable real sector, small and medium enterprises(SME) businesses and investment in infrastructure,” he said.

Out-going President of MAN, Alhaji Bashir Borodo, in his appraisal of  “50 years of Nationhood: the status of the manufacturing sector in Nigeria,” said that besides natural resources endowment and committed leadership, consistency of policy for at least 15 to 20 years is critical for economic take-off and sustained growth.

“In a society where the mind-set is to rubbish one’s predecessor in order to gain acceptance or sometimes political legitimacy, the game in town is to discard any existing policy, replace it with a new one.”
Borodo, who handed over the leadership of MAN to Chief Kola Jamodu, as new President, decries continuous policy changes, reversals and flip-flop.’

“Economic development and indeed industrialisation is not the outcome of a short term romance with an idea or a process of doing things.  It is a commitment for the long haul.” he said.