FG’s N300bn bail-out ’ll boost non-oil sector -LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has said that‎ the N300 billion set aside for banks by the Central Bank of Nigeria (CBN) will boost development in the non-oil sector of the economy in 2016.
The Director General of LCCI, Muda Yusuf, while speaking on the sectoral outlook in the new year said the fund will impact more positively on the Small and Medium Enterprises (SMEs) and the agricultural sector.
He noted that the development of the two sectors would make jobs available for the millions of unemployed Nigerians as well as boost the non-oil export.
“The N300 billion meant for Nigerian banks to boost lending to SMEs and the agricultural sector in 2016 will boost SMEs development and employment and thus increase non-oil export,” he said.
He, however, noted that the insurance industry will remained largely under-penetrated with insurance density at about 0.225 per cent, saying, “therefore, significant changes in this industry with respect to growth and penetration remains bleak even as the sector is still highly fragmented. The declining GDP is also expected to strain, to a large extent, the performance of this industry.”

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