Skye Bank Calls For Investment In Agriculture, Manufacturing, Industries In The Country

According to the Group Managing Director/Chief Executive Officer of Skye Bank Plc, Timothy Oguntayo, the three identified sectors are 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.

“The manufacturing sector contributed 10 per cent of GDP before the oil boom of 1970s but lamented Nigeria’s overdependence on oil export and earnings from the 1990s to date,” he said.

He lamented that over-dependence on oil has 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 recommended the expansion of public infrastructure like road, electricity, among others to promote manufacturing.

Oguntayo 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. He added that the Bank of Industry and NEXIM Bank should be strengthened to provide long-term funding for manufacturers.