The presidential candidate of the Allied Peoples Movement (APM), Governor Seyi Makinde of Oyo State, has pledged to tackle high interest rates and improve access to long-term financing as part of efforts to boost industrialisation, expand businesses and create jobs in the Southeast if he emerges victorious cone 2027.
The Oyo State Governor, who spoke at a town hall meeting with stakeholders from the region, stated that the Southeast’s economic potential extended beyond trading to manufacturing, which he identified as critical to creating jobs and lifting Nigerians out of poverty.
Makinde argued that businesses could not expand production and employ millions of people when interest rates remained high and long-term credit facilities were difficult to access.
He said his administration would create an enabling environment for businesses to thrive across the country, with particular attention to addressing the constraints limiting economic growth.
“Yes, trading is something this zone is synonymous with, but so is manufacturing. If you go to Onitsha and Nnewi, you will discover that the Southeast is not just about trading; manufacturing is also thriving here.
“You cannot expand manufacturing and employ millions of people when interest rates are at 25 per cent and long-term financing facilities are unavailable. These are two challenges we will tackle decisively,” he said.
Makinde explained that his proposed economic reforms would move Nigeria away from dependence on the sharing of federal allocations towards production, industrial expansion and the creation of a larger economic base.
He said the government had a responsibility to establish conditions that would allow entrepreneurs and manufacturers to expand their operations, employ more people and contribute to national development.
“The responsibility of government is to create a conducive environment for businesses to thrive. That is precisely what we will do. We will create an enabling environment for businesses to flourish throughout the country,” he said.
“I come from the private sector. I started paying workers’ salaries at the age of 29, and now I am 58. I have been paying salaries from then until today, so I understand when an economy is expanding.
“One indication of an expanding economy is the availability of long-term financing within the economic system. Right now, bankers can tell you that what we have been experiencing is mainly short-term financing facilities meant for trading,” he said.
The governor maintained that expanding manufacturing was essential to tackling unemployment, particularly among young people, and promised to support entrepreneurs who could create sustainable jobs.
He cited the commissioning of the headquarters of Capital Sage, a conglomerate in Ibadan, as an example of the employment opportunities businesses could generate when given the right conditions to grow.
Beyond industrial financing, Makinde said his economic agenda would focus on equipping young Nigerians with skills that would improve their employment prospects and support the growth of businesses.
He disclosed that his campaign had partnered with SkillResert Nigeria to train one million young people in skills that could make them employable almost immediately.
The initiative, he said, was part of his plan to shift the economy from dependence on the distribution of public revenue to productive activities capable of generating wealth and employment.
The APM candidate also identified unemployment and poverty as challenges that required deliberate efforts to create opportunities for young people, warning against allowing economic hardship to deepen divisions along ethnic and religious lines.
“My message to you today is this: please reject all forms of division, whether along religious or ethnic lines. The challenges we face do not recognise religion or ethnicity.
“What we should do is create opportunities for our people, particularly our teeming young population, so that we can address hunger and grinding poverty and move our people from poverty to prosperity,” he said.
Makinde said rebuilding public confidence in government would also be central to his administration, arguing that sincerity in governance could help resolve a significant proportion of the country’s challenges.
The APM presidential candidate advised voters in the Southeast to support his ambition, acknowledging the region’s political importance while insisting that his party would take its message to every part of the country.
The APM National Chairman, had in his remarks, criticised the state of the economy and called on President Bola Tinubu to support Makinde’s presidential ambition.
“Every Nigerian is aware that this country has not had it this bad. What is needed in this country is a reset. Nigeria is a major oil producer, and we do not know how we moved from around ₦200 to ₦1,400,” he said.
“Last time, you supported the president through the G5 governors. Now it is your turn, and the president should support you. I am calling on President Bola Tinubu to step down and support Seyi Makinde,” he said.
In a speech, the Director-General of the campaign, Felix Hyat, urged the people of the Southeast to support Makinde, describing him as a candidate with the intellectual capacity, ideas and energy to lead the country.
Hyat expressed dismay that the economic hardship facing households and said the region’s voters should reclaim their political mandate by supporting candidates who could address their concerns.
“It is unfortunate that our people can no longer cope with family demands because of the bad economy. It is time for the young people to vote them out,” he said.
He also praised Makinde’s choice of a security expert as running mate, describing the ticket as capable of addressing the country’s challenges.
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