The federal government (FG) of Nigeria has been urged to provide N150bn loan-able funds to the private sector. The loans will help the sector recover from difficult economic time facing the country.
The federal government of Nigeria has been urged to provide N150bn loan-able funds to the private sector according to a recent data. According to the Cement Importers association of Nigeria, the FG should move to help private sector through the provision of loan-able funds to the economy. Attracting capital flow to the country is a major priority of many companies in Nigeria and without adequate capital; the firms cannot attract foreign direct investment. Mr. Iweta the chair indicated that the revenue will create more than a half a million jobs in the country and this will be a total of eighteen million jobs in all states of the country.
Iweta who is the president of Sapele Chamber of Commerce, Industry, Mines, and agriculture reiterated the need of the government to support the economy through the diversification of funds and providing loan-able funds. A fresh venture in capital will be targeted towards mining, agriculture, and manufacturing activities in the country creating millions of jobs across the country. With a quick action, the Nigerian economy is headed to the right direction according to the chairperson. The initiative is geared towards providing a sustainable economic improvement in the country. He indicated that a sustainable political environment running in the next three years will attract fresh capital to the economy and this will aid in the creation of more jobs in the country.
Iweta was speaking during a summit held in Lagos, the summit mainly focused on the implementation and the generation of essential aspects in economic growth. The biggest enemy to the economic growth in the country is deposit money banks, which do not demonstrate faith in the growth of the Nigerian economy. The banks deny people loans therefore they do not have the financial muscle to carry out any project in the country.