2027: Makinde pledges to revive South-East industries

…Promises to tackle 25% interest rates, expand long-term financing

By Chinedu Adonu

ENUGU — The presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has pledged to tackle high interest rates and improve access to long-term financing to revive industries, expand businesses and create jobs in the South-East if elected president in 2027.

Makinde, the Oyo State governor, made the pledge during a town hall meeting with stakeholders from the region in Enugu, where he identified manufacturing as a critical driver of economic growth, employment and poverty reduction.

He said the South-East’s economic potential extended beyond trading to industrial production, particularly in commercial and manufacturing centres such as Onitsha and Nnewi in Anambra State.

According to him, businesses cannot expand production or employ millions of Nigerians when interest rates remain high and long-term credit facilities are difficult to access.

“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 South-East 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 said his proposed economic reforms would shift Nigeria away from dependence on the sharing of federal allocations towards production, industrial expansion and wealth creation.

“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.

Drawing on his private-sector experience, the governor said access to long-term financing was essential for economic expansion, arguing that Nigeria’s financial system remained dominated by short-term loans largely suited to trading.

“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.

He said expanding manufacturing would help address unemployment, particularly among young people, and pledged to support entrepreneurs capable of creating sustainable jobs.

Makinde 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 development, the APM candidate said his economic agenda would prioritise skills acquisition to improve young people’s employment prospects and support business expansion.

He disclosed that his campaign had partnered with SkillResert Nigeria to train one million young Nigerians in skills intended to make them employable within a short period.

According to him, the initiative formed part of his plan to move the economy away from dependence on public revenue distribution towards productive activities capable of generating wealth and employment.

Makinde also identified unemployment and poverty as challenges requiring deliberate government intervention, 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.

On governance, Makinde said rebuilding public confidence in government would be central to his proposed administration, arguing that sincerity and trust between leaders and citizens could help address many of the country’s challenges.

He cited his administration’s experience in Oyo State, where he said efforts had been made to bridge the trust deficit between the government and the people.

The governor outlined four pillars of his proposed national development agenda: resetting the economy, restructuring the security architecture, reforming the education system and rebuilding the socio-political space.

He said the party was developing its manifesto through consultations with Nigerians across the six geopolitical zones to ensure that its policies reflected the needs of the people.

Makinde disclosed that the manifesto would be launched on November 4, 2026, adding that the Enugu town hall meeting marked the final session in the party’s series of zonal consultations.

He also questioned the Federal Government’s continued borrowing despite claims of improved revenue collection and substantial external reserves, arguing that economic management should translate into tangible benefits for businesses and ordinary Nigerians.

The APM candidate urged voters in the South-East to support his presidential ambition, acknowledging the region’s political importance and promising to take his campaign message to every part of the country.

Earlier, the APM national chairman 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.

The chairman questioned why Nigerians were not benefiting sufficiently from increases in international petroleum prices, given the country’s status as an oil-producing nation. He also expressed concern over the country’s security challenges.

Recalling Makinde’s support for Tinubu through the G5 governors during the 2023 presidential election, the chairman urged the President to reciprocate the gesture.

“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.

The Director-General of the campaign, Felix Hyat, also appealed to South-East residents to support Makinde, citing his policy proposals and leadership experience.

Hyat lamented the economic difficulties facing households, saying many Nigerians were struggling to meet their family needs.

“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 commended Makinde’s choice of a security expert as his running mate, describing the ticket as capable of addressing the country’s challenges.