Nigeria’s President Jonathan speaks on facebook
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President Goodluck Jonathan’
s facebook posting this morning
s facebook posting this morning
In fulfilment of this administration’s goal of stimulating economic recovery, restoring confidence in the banking sector and the capital market as well as improving Nigeria’s international credit and risk ratings, I signed into law the Asset Management Corporation of Nigeria (AMCON) Bill.
AMCON has a mandate to restor…e the health of troubled banks by buying up their bad loans. The immediate impact of this bill is to ease the liquidity crunch experienced in the financial sector by helping struggling banks remain solvent, retain their employees as well make it easier for businesses particularly small and medium scale enterprises to access credit facilities.
The signing of this bill further demonstrates this administration’s commitment to safeguard the interest of depositors, creditors and other stakeholders in the financial system.
Government must look out for the masses of our people who borrow responsibly to open bukkas, barbershops, garri processing plants, fish farms, small scale produce farms or to invest in their children’s education.
It is my promise to do everything within my constitutional powers to make sure that every legitimate borrower has access to funds and to make sure that those who borrow without the intention of repaying are made to face the full wrath of the law irrespective of their status.
GEJ
The idea of the AMCON is a great one. it shows the commitment of a government that is sincere in addressing the plight of the masses and is committed to ensuring that access to capital by small scale producers is not hindered in the name of collateral and security. it means that in the near future contributions from SMEs in Nigeria to GDP would rise significantly.
Another merit of the idea is the determination to ensure that those borrowing with the intention of not paying it back would no longer have it as “business as usual again.” This will ensure that more credit will be avaailable for genuine borrowers.
However, i will like to request that the full version of the act be hosted on the net foe easy accessibility, comprehension and application. It is when this act is available that people can be empowered through it. it is also a very important instrument for civil society Organization like ours. I search through the net but to avail, not even the national Assembly or the CBN has it posted on their website. I feel it this should not be.
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