Planned banks’ recapitalisation ‘ll improve lending to manufacturers – Ex-MAN boss

Former Chairman, Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr. Wale Adegbite, says the planned banks’ recapitalization by the Central Bank of Nigeria (CBN) will improve lending to the manufacturing sector.

Adegbite said this while speaking with the newsmen on Tuesday in Ota, Ogun.

He spoke on the CBN pronouncement that it was planning to implement a new round of banking recapitalization in line with the anticipated $1 trillion economy by 2030.

Supreme News reports that Mr. Olayemi Cardoso, the CBN Governor, said the apex bank was planning a new round of recapitalization for the commercial banks.

Cardoso announced the plan on Friday at the 58th Annual Bankers’ Dinner, organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

The ex-MAN chairman said the decision of the CBN to raise the capital base of deposit money banks (DMBs) would make more loans available to the manufacturers.

“Any policy introduced by the apex bank to increase capacity of banks will improve lending to the manufacturing sector is a welcome development.”

He said this would help manufacturers to boost productivity through provision of machineries from aboard.