- December 9, 2018
- Posted by: admin
- Category: In The News
More than 70 million people in Nigeria live in extreme poverty, according to The World Poverty Clock. But with the country’s GDP growth lagging behind its population growth at 0.5% to 2.6% respectively in 2017, the country will find it difficult to lift people out of poverty at a desired pace. To achieve the kind of growth Nigeria needs, its manufacturing sector has a key role to play. However, the sector contributes less than 10 percent to Nigeria’s GDP.
Manufacturing creates more jobs than any other sector, creating value and fostering innovation, leading to sustainable economic growth. Eczellon Capital, an Africa-focused investment bank, recognizes this and is keen to support the manufacturing sector in Nigeria as it works hard to help the economy grow. This is why the CEO of Eczellon Capital Diekola Onaolapo embarked on a courtesy visit to the Director General of the Manufacturers Association of Nigeria (MAN) Segun Ajayi-Kadir at the MAN House in Lagos on Friday.
“Manufacturing is at the core of what we need to get right as a continent,” Diekola Onaolapo said, adding that capital is one of the major pillars that will help Africa and indeed Nigeria, grow its manufacturing sector.
“We are in the business of creating and allocation of capital; one of the most important tools for any economic activity and even economic development,” he added.
“One of the issues we found for companies in Nigeria and Africa has been the wrong mix of capital — in its inadequacy, the lack of access to it in its efficient form; in a way that it can facilitate economic activities. That is what we have dedicated ourselves to doing and in the last 8 years, we have been able to achieve some remarkable feat for both the public and private sector,” the Eczellon Capital boss said
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