OPSN Proposes OPSN Bank to Boost Manufacturing Sector and Job Creation in Nigeria

The Organised Private Sector of Nigeria (OPSN) has announced plans to establish OPSN Bank to unlock the manufacturing sector's potential, deepen the value chain, and stimulate job creation in Nigeria. During a strategic meeting in Lagos, OPSN Chairman Mr. Jani Ibrahim advocated for reforms to streamline business entry processes, formalize operations, and achieve faster corporate affairs registration. Ibrahim highlighted the need for a single-digit interest financing model to enhance manufacturing capacity and job creation, citing the current domestic credit to the private sector being below 15% of GDP. He urged the federal government to prioritize the survival and growth of the private sector, emphasizing the importance of addressing cumbersome business registration processes and high financing costs.

Dr. Abdulrashid Yerima of the Nigerian Association of Small and Medium Enterprises (NASME) welcomed ongoing tax reforms to reduce burdens on SMEs, improve the tax framework, and boost economic growth. Mr. Francis Meshioy of the Manufacturers Association of Nigeria (MAN) expressed support for tax reforms to ease manufacturing burdens and stimulate economic recovery, emphasizing the importance of transparent and consistent implementation across states to maximize benefits and restore business confidence.