Business

FG to manufacturers: We’ll use part of N2.3trn ESP stimulus as buyer of last resort

The Federal Government has said that it would use part of the N2.3 trillion earmarked for the Economic Sustainability Plan (ESP) stimulus package to purchase locally produced items as buyer of last resort.

According to a statement released to newsmen yesterday by his spokesman, Laolu Ajande, the Vice President, Yemi Isinbajo gave this assurance on Friday at the virtual edition of the 2020 Presidential Policy Dialogue of the Lagos Chamber of Commerce and Industry (LCCI).

Osnbajo said: “In all of what we are doing, part of the N2.3 trillion stimulus package is to make government the buyer of last resort. This is to ensure that the whole question of demand, which is weak at the moment, is strengthened by the fact that government stands ready to be the purchaser of last resort, with respect to agriculture or even with respect to our housing programme.”

Continuing on measures put in place to support small businesses, he said: “Working with the Central Bank, we will try to ensure that we are able to put in place a system whereby many businesses that have taken loans will be able to restructure those loans. This is an on-going conversation and we intend to keep the banks reassured that allowing generous restructuring programmes will be supported by the Central Bank and that the Central Bank will not throw them under the bus.”

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