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Business - Your Money Updated: February 28, 2024

Manufacturers urge CBN to reduce number of BDCs

By Felicia Abisola Olamiji
February 28, 2024
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The Manufacturers Association of Nigeria (MAN) has asked the Central Bank of Nigeria (CBN) to work towards reducing the number of Bureau De Change (BDC) operators and develop a sustainable framework to guide credit intervention to the manufacturing sector.  

The group made the call through its President, Otunba Francis Meshioye while delivering a speech at the MAN Reporter of the Year award ceremony.  

According to him, the need to reduce the number of BDCs is premised upon the reduction of their excesses and ensuring the proper structure of their operations.

He said, “Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.

“The CBN to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention.

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“Additionally, it should mobilize commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy.” 

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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