OPSN Bank Will Unlock Manufacturing Sector’s Capacity, Stimulate Job Creation
Dike Onwuamaeze
The members of the Organised Private Sector of Nigeria (OPSN) has declared that the establishment of the proposed OPSN Bank would unlock the Nigerian manufacturing sector’s capacity, deepen value chains, and stimulate job creation.
This view was expressed during the weekend at a strategic meeting in Lagos by the Chairman of the OPSN, Mr. Jani Ibrahim, who advocated for reforms that would ease business entry and formalisation, achieve faster turnaround times at the Corporate Affairs Commission (CAC) and affordable intellectual property protection.
Ibrahim said: “The proposed OPSN Bank, designed to provide single-digit interest financing, could unlock manufacturing capacity, deepen value chains, and stimulate job creation.”
He decried domestic credit to the private sector that is currently below 15 per cent of GDP asfar lower than what are obtainable in peer economies.
He described high lending rates as inimical to long-term investment.
He also urged the federal government to treat private sector’s survival and growth as a national priority.
The OPSN stated that cumbersome business registration processes, high cost of finance, and regulatory overlaps have continued to undermine enterprise development in Nigeria.
Ibrahim , who is also the national president of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) criticised regulatory excesses, including overlapping inspections and duplicative compliance demands, which he said escalate operating costs, particularly for manufacturers and SMEs.
On climate policy, Ibrahim canvassed for a realistic and context-sensitive green transition, noting that ESG compliance and carbon market readiness required “capacity building, access to green finance, and policy clarity to prevent Nigerian businesses from being edged out of global value chains.”
He added that revitalising export infrastructure, especially Export Trade Houses, remained critical to boosting Nigeria’s non-oil exports and foreign exchange earnings.
He noted that Small and Medium Enterprises (SMEs) account for over 90 per cent of businesses and more than 80 per cent of employment, while the private sector contributes well over half of national GDP.
Speaking to journalists during the strategic meeting, the National President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr. Abdulrashid Yerima, welcomed the ongoing tax reform.
Yerima described the reform as a long-awaited intervention capable of addressing the persistent challenges facing SMEs.
He said that the reform would significantly reduce the burden of multiple taxation, arbitrary levies, and excessive import duties that have historically constrained small businesses.
Yerima explained that for years, NASME members have endured overlapping taxes imposed by different tiers of government, alongside unauthorised collections by non-state actors, which have eroded profitability and discouraged expansion.
He expressed optimism that the reform would deliver a clearer, fairer, and more predictable tax framework that would enable SMEs to reinvest, scale operations, create jobs, and drive inclusive economic growth.
He called for robust monitoring and stakeholder engagement to ensure that the relief measures reach genuine operators and translate into improved ease of doing business and stronger investor confidence.
The President of the Manufacturers Association of Nigeria (MAN), Mr. Francis Meshioye, said that the strategic meeting was convened to critically examine the impact of the new tax law on OPSN members.
Meshioye expressed strong support for the tax reform, describing it as timely and essential to easing the burden on manufacturers and stimulating economic recovery.
He, however, cautioned that the success of the reform would depend largely on faithful and transparent implementation, especially by sub-national governments, warning that inconsistent application across states could undermine its benefits.
He stressed the need for continuous engagement and collaboration with relevant agencies to prevent abuse by illegal tax collectors and ensure strict enforcement of approved tax provisions.
According to him, only a transparent, predictable, and uniformly applied tax regime can restore business confidence, attract investment, and reposition Nigeria’s manufacturing sector for sustained growth.
