By Henry Umoru

THE President, Abuja Chamber of Commerce, Industry, Mines and Agriculture (ABUCCIMA), Mr. Dele Oye, said that the decision of Central Bank of Nigerian, CBN, to withdraw licenses from 244 micro-finance banks will have negative effect on the economy.

Oye noted that the decision by the apex bank was not good for our small and medium scale businesses, stressing that the bank’s position will also lead to some businesses folding up. He called on the federal government to focus on the provision of an enabling environment for private investments to thrive, noting that such is needed to promote foreign direct investment.

The ABUCCIMA President said that though the CBN may be acting in the interest of depositors and customers,it is public private sector partnership that will put the nation in the necessary position to achieve economic growth. “We must not fail to realize that with this decision, it has caused the small businesses to fold. This is not a welcome idea except CBN can prove to the world that the reason for its action is in the best interest of the nation’s economy. The people at the grassroots were well informed on its recent decision as they were the most affected. This set of people depend mostly on the banks to finance their small businesses.’’

Speaking at the recent Made- in- Nigeria Trade fair and food festival, in Abuja, Oye said that, if we must move the country forward, a lot must be put in place, adding that the government must seek input from organized private sector in deciding on any business legislation/regulations. relating to industrialization and commercialization.