Ogungbangbe Reacts To President Tinubu's New Year Message, Commends Loans For Women, Youths

By ISAAC OLUSESI

Dr Thomas Olaleye Ogungbangbe has taken a swipe at the conventional economic measures of the increased interest rates of the bank to reduce borrowing, spending and demand for goods and services, as a recipe for reducing inflation. He described the measures, inoperative in some peculiar economic trajectories.

Apparently reacting to the President Bola Ahmed Tinubu's new year message to the nation, the Chairman and Chief Executive Officer (CEO) of CITA ENERGIES expressed optimism in the out of the ordinary, distinctive readiness of Mr President to challenge the current high inflation to the near barest, bare minimum and attain a stable, low -inflation economy, attract foreign investment, stimulate economic growth and create jobs.

Ogungbangbe, a Ph.D holder and Chairman of Aviation Fuel Marketers Association of Nigeria (AFMAN), is particularly clicked by the nation's resolve to curb inflation through reforms to boost food production and local manufacturing of drugs and medical supplies, considered essential to family units in Nigeria. He commended the reforms as headlong empirical measure, unorthodox and workable to reduce inflation, unlike traditional measures.

He was enthusiastic about the National Credit Guarantee Company (NCGC), said to be in the pipeline, and he's receptive to the operations of the company, soonest than soon. 

According to him, the NCGC will be expected to provide guarantee to bank-lenders' credit or loan for starts up, especially the underserved women and youths in trades, other business related works, with no credit history or collateral. 

The chieftain of the All Progressive Congress (APC) from the Osun East Senatorial District and scion of the Ajagbusi Ekun Dynasty of Iloko Ijesa in Oriade local government council area of the state said, "The guarantee to be provided by the NCGC, operationally, will mitigate the risks for lenders to become more willing to lend and make the prospective beneficiaries access loan. That way, growth and development in the economy become possible by exploring innovative financing models." He recommended crowdfunding or peer -to-peer lending, to increase access to credit. 

The APC chief, hallmarked for business policy initiatives and developments, more utilitarian in the apex legislative oversight functions, cautioned the proposed NCGC against any complacent in the course of operations, charging that the company would have to be guided by regulatory framework to ensure it's stability.

He added, "my corporate expertise over decades in the private sector economy, would advise the NCGC when it is established and begins operations, to align effective risk management and mitigation strategies to ensure its sustainability in the face of such operational challenges as risk management, loan monitoring performance and bad debts recovery."

 *OLUSESI writes via* isaacolusesi@gmail.com