Ex-Chairman, Manufacturers Association of Nigeria, Ogun chapter, Dr Wale Adegbite, has said the planned banks’ recapitalisation by the Central Bank of Nigeria will improve lending to the manufacturing sector.

Mr Adegbite said this while speaking on Tuesday in Ota, Ogun State.

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

The CBN Governor, Mr Olayemi Cardoso, had said on Friday that the apex bank was planning a fresh recapitalisation for commercial banks.

Mr Cardoso announced the plan at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos.

In his comment, the ex-MAN chairman said the decision of the CBN to raise the capital base of Deposit Money Banks would make more loans available to the manufacturers.

He said, “Any policy introduced by the apex bank to increase the 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 abroad.

(NAN)