The Group Managing Director/Chief Executive Officer of Skye Bank Plc, Mr. Timothy Oguntayo, has called for massive investment in the manufacturing, agriculture and extractive industries for the success of the diversification program of the government.
Oguntayo said the three identified sectors were critical for the success of the economic diversification agenda of the current government in view of the dwindling oil prices, low GDP growth, and rising unemployment in the country. He said the manufacturing sector contributed 10 per cent of GDP before the oil boom of 1970s but lamented Nigeria’s over-dependence on oil export and earnings from the 1990s to date.
He said the over dependence on oil resulted in the neglect of the manufacturing sector; just as low investment in public goods and infrastructure led to the decline in manufacturing activities. He also advised manufacturers to access the earmarked N200 billion, Central Bank of Nigeria, and N200 billion Bank of Industry’s intervention funds to boost their operations.
Noting that commercial banks were not structured to provide long term funding but bridge finance, he said the Bank of Industry and NEXIM Bank should be strengthened to provide long term funding for manufacturers.
