The Central Bank of Nigeria (CBN) has charged manufacturers to approach development financing institutions like the Development Bank of Nigeria and Bank of Industry for their funding needs.
Meanwhile, Manufacturers of the Association of Nigeria (MAN) are lamenting that the traditional industry-bank lending relationship is no longer supporting the growth of the industry
Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), revealed this at the first National Stakeholders Conference organized by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
According to Ezulu, development financing institutions for loans were created in collaboration with the apex bank and should be approached by manufacturers for loans.
He said, “I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector.
“Have we the manufacturing sector approached those entities to utilize the funds available rather than asking the commercial banks?
“Banks are supposed to approach the CBN on behalf of their customers to solve these problems; the commercial banks lend for credit purposes, and they have the primary responsibility to protect their depositors.’’
At the event, the manufacturers urged commercial banks and the Organised Private Sector (OPS) to join hands to boost economic growth.
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