Vanguard· 2h ago· 1 min read
The Central Bank of Nigeria’s (CBN’s) withdrawal from direct intervention funding for manufacturers comes at the worst possible time for an already pressured sector. Instead of moderating the pain from President Bola Tinubu’s harsh economic adjustments, this move risks deepening a credit squeeze that threatens Nigeria’s industrial base.
On paper, the decision has one clear attraction: a cleaner separation between monetary policy and development finance. Removing direct intervention schemes from the CBN’s balance sheet could reduce distortions and leakages and force a more coherent approach to industrial financing. Specialist institutions such as the Bank of Industry (BOI), backed by appropriately regulated commercial banks, are better designed for long term project lending than an apex bank whose core mandate is price and financial stability. In theory, this reset could help discipline…
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