FirstBank's Alebiosu Promotes Manufacturing Support in Nigeria

Olusegun Alebiosu, the Managing Director/Chief Executive Officer of FirstBank, reaffirmed the bank's support for manufacturing and agro-processing businesses to promote industrialization and job creation in Nigeria. Speaking at the 32nd Economic Summit in Abuja, he emphasized the importance of access to finance for productive enterprises as crucial for industrial development.

Alebiosu highlighted FirstBank's financing of rice mills, plantation agriculture, and palm oil processing to strengthen domestic production. He noted that industrialization is vital for absorbing Nigeria's growing population and the increasing number of graduates entering the labor market.

Alebiosu identified challenges such as a poor credit culture and loan repayment failures that hinder access to financing for industrial enterprises. He acknowledged that high borrowing costs could constrain industrial expansion but urged entrepreneurs to pursue viable manufacturing opportunities.

Additionally, he pointed out that improved foreign exchange stability could aid businesses in planning operations and making investment decisions.