CBN interest loan scheme will boost real sector, says NECA

Olusegun Oshinowo, NECA Director General.

The Nigeria Employers’ Consultative Association (NECA) has said that the agreement reached by the Central Bank of Nigeria (CBN) and the bankers’ committee to offer single-digit interest rate loans to operators in the manufacturing and agricultural sectors would boost development in the real sector.

The Director-General of NECA, Olusegun Oshinowo, who applauded the scheme by the apex bank appealed that the loan scheme should also be extended to other sectors of the economy, especially sectors that would create jobs for the teeming unemployed youths in the country.

He said the aim of the scheme was to ensure the growth of the economy, as it is expected to improve the ease of doing business, especially now that the country is out of recession and have achieved some stability.

While urging operators in the real sector to take adequate advantage of the scheme, Oshinowo advised government and the CBN to ensure that the guidelines and requirements in accessing the loans were not over-reaching.

The NECA scribe called on the Federal Government to develop and implement more business-friendly initiatives that will further entrench the private sector as the engine of national development, stressing that it will demonstrate government’s avowed commitment to improve ease of doing business in the country.

He said: “With transparency, proper structure and implementation, the scheme would enhance the economy’s growth, create more jobs, serve in the reduction of crimes and youth restiveness. It will also improve the easy of doing business in Nigeria.”