2027: Makinde pledges to revive South-East industries

Promises to tackle 25% interest rates, expand long-term financing By Chinedu Adonu ENUGU — The presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has pledged to tackle high interest rates and improve access to long-term financing to revive industries, expand businesses and create jobs in the South-East if elected president in 2027. Makinde, the Oyo State governor, made the pledge during a town hall meeting with stakeholders from the region in Enugu, where he identified manufacturing as a critical driver of economic growth, employment and poverty reduction. He said the South-East’s economic potential extended beyond trading to industrial production, particularly in commercial and manufacturing centres such as Onitsha and Nnewi in Anambra State.

According to him, businesses cannot expand production or employ millions of Nigerians when interest rates remain high and long-term credit facilities are difficult to access. “Yes, trading is something this zone is synonymous with, but so is manufacturing. If you go to Onitsha and Nnewi, you will discover that the South-East is not just about trading; manufacturing is also thriving here. “You cannot expand manufacturing and employ millions of people when interest rates are at 25 per cent and long-term financing facilities are unavailable. These are two challenges we will tackle decisively,” he said. Makinde said his proposed economic reforms would shift Nigeria away from dependence on the sharing of federal allocations towards production, industrial expansion and wealth creation. “The responsibility of government is to create a conducive environment for businesses to thrive. That is precisely what we will do. We will create an enabling environment for businesses to flourish throughout the country,” he…