By Ayo Akinfe
Sacking Emefiele is meaningless unless it leads to a change of CBN policy. A new governor who will cap bank lending at 5% for certain key industries like this is required
[1] Investment in agriculture, acquaculture and animal husbandry
[2] Investment in power generation
[3] Manufacturing of household consumer goods like laptops, fridges, TVs, etc
[4] Production of industrial goods like transformers and machinery
[5] Food processing
[6] Steel processing
[7] Railway and road expansion
[8] Housing development
[9] Automobile manufacturing
[10] Producing pharmaceuticals
These are all areas in which we are desperately lacking at the moment and if we want to get out of this rut, production in these sectors need to be put on a war footing. Nigeria basically has to manufacture her way out of poverty and to do this, industrial capital needs to be made widely available at rates close to zero.
It is only a matter of time before Nigeria collapses on our collective heads unless we start manufacturing. If I had my way, the lending rate for all the above items would be capped at 2%.
