By Melvin Onwubuke
The Manufacturing Association of Nigeria has proposed that the CBN cut down on the number of Bureau De Change operators, and develop a sustainable structure, to direct credit intervention to the manufacturing sector.
This was disclosed by the President Otunba Francis Meshioye, during a speech at the MAN reportor of the year award ceremony.
He said “Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.
“The CBN to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilize commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy.”
He emphasized the need to cut down the number of BDCs, is to curtail their excesses and ensure the proper set up of their operations.
In addition, the MAN president, urged the federal government to direct the savings from fuel subsidy removal, to high yielding sectors of the economy.
Recall that the CBN Governor, Yemi Cardoso had stated during a press briefing on Tuesday, that the apex bank is moving to a very aggressive regulating environment, for financial services operators.
