Bank chiefs restate commitment to transforming economy

Chief executives of Nigerian banks and the industry’s regulators, under the aegis of the Bankers’ Committee say they remain committed to fashioning policies that support the nation’s economic growth and development.

They also reiterated a determination to continually redefine the practice of banking in Nigeria.

According to a statement, the committee noted that since 2009 when it held its first annual retreat, led by Governor, Central Bank of Nigeria (CBN), Sanusi Lamido, as chairman, it has grown to become a major catalyst for economic growth and stability in Nigeria.

Within the period, the committee said “the banking industry, through the Bankers Committee’s initiatives has played more than a financial intermediary role in the nation’s economy by asserting its centrality to nation building.

“Specifically, the committee has championed numerous landmark initiatives designed to transform Nigeria from a mono-economy to an economy with the capacity to earn from many more sources beyond crude oil which the country has relied on for decades,” it noted further.

The statement said the committee contributed to the strengthening of critical sectors of the economy and supported in driving several empowerment programmes targeted at speedy diversification of the economy.

Specifically, it recalled the activities of the sub-committee on Economic Development and Sustainability have impacted the agriculture, aviation, power, transportation and manufacturing sectors significantly.

Still on agriculture for example, the statement noted that total banking industry loans to the sector grew from one per cent in 2009 to four per cent in 2013.

“Similarly, other identified sectors have witnessed significant transformation and enjoyed professional and technical supports from the Bankers’ Committee.

“The committee has also received commendations for its role in funding the acquisition of companies under the power reform programme designed to strengthen the economy and support prosperity of the Nigerian nation.

“Beyond the committee’s quest at resuscitating the nation’s economy, the umbrella body for operators in the nation’s financial sector has continuously nudged the industry towards protecting the society, the communities and environment in which financial institutions and their clients operate,” it noted.

 
[Daily Independent]

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One Comment

1. 

   Kanayo Madu

   December 8, 2013 at 6:28 am

   The banks can start by lowering interest rates on loans. Nothing prods the economy faster than low interest loans. NOT all loan seekers are out to defraud the bank. It is also the banks’ duty to scrutinize applications for authenticity and purpose. Not all loans necessarily needs to be secured. Once a loan is secured, the bank can also extend itself beyond the collateral if the venture is deemed very viable. The CBN governor a few months ago pleaded with banks to lower interest loans to small and medium scale businesses. This will in turn urgument the BOA and BOI. Nigerian banks are making record profits on short -term loans and very few long term-loans. This does not help a growing or rather a fast growing economy like Nigeria.