EBERE NWOJI

Obasanjo who gave the charge at the official commissioning of the N6.5 billion All Steel Radial Truck Tyre (ASRT) factory built by Dunlop Nigeria Plc, said the on-going banking sector reforms were geared towards establishing a reliable financial system that could promote and assist both short and long term industrial projects.

The President who was represented on the occasion by Industry Minister, Ambassador Fidelis Tapgun, said that the 2005 appropriation was structured in a way that would improve the capital base of all development banks in the country.

According to him, such banks include Bank of Industry (BOI), NeximBank and Nigerian Agricultural Cooperative and Rural Development Bank (NAC RDB).

He said he was aware of companies which have benefitted from funds managed by the BOI, adding that with the improved capital base of the development banks, more companies would benefit for them.

"I am aware that Dunlop Nigeria Plc had benefitted from the Auto Development Fund being managed by BOI; I therefore challenge other industrialists and interested investors to come up with their programmes and benefit from the recapitalised banks." Obasanjo stated.

Her described the commissioning ceremony of the Dunlop Plant as a testimony to the fact that the policies, programmes and initiatives in the macro-economy put in place by his administration since inception were yielding practical results in factory expansion, business growth and employment generation.

"Capacity utilization in the manufacturing sector has increased from 25 per cent to 50 per cent on the average but above 80 per cent in Dunlop Nigeria Plc," he observed, adding that investments in the economy both foreign and domestic, were growing by the day.

He assured industrialists that his administration was irrevocably committed to the provision of regular power supply in the country, adding that this had informed the recent reforms in the energy sector.