Vice President Yemi Osinbajo, said the Federal Government would tackle the worsening poverty in the country through developmental financing and by creating an enabling environment for businesses to thrive.
Osinbajo, who was represented by the Minister of Trade and Investment, Okechukwu Enelamah, at just concluded 2017 CEO Forum of Association of African Development Financial Institutions, AADFIs on Friday in Abuja, stated that Nigeria planned to expand its business around the world.
He also revealed that the Federal Government intends to make Nigeria a peaceful place and a choice business destination in the world.
The Vice President said:”Development finance need to play a vital role to to bring out Nigerians out of poverty by providing an enabling environment. Our ambition is to make Nigeria one of the peaceful place to make business in the world.
In his remarks, Representative for South Africa, Dumisani Msibi said, this is a huge call for all players, all stakeholders.
According to him, “It becomes important that we look at the achieving delivering of effective development in the continent as a collective.
“There is no one country, institution that can achieve this enormous challenge that we are faced with; of ending poverty, of putting in place infrastructure, of feeding our people, of creating jobs, of industrialization.
“One of the things that we promote is cross border trade, cross border collaboration.
Take for instance the infrastructure, they are there are working with different countries to come together in order to enable trade. That is why at Goldberg it becomes important to do this as a collective and we look at the synergies among and between countries so that development will be faster.
“The DFI in most of the countries are owned by government, therefore Nigeria can learn from other African countries like South Africa, Ghana etc on what we are doing, for us to come together to see how can we better move this continent forward.
For the DFI’s can we contribute to the development of the continent, how can we ensure that we help to generate more jobs, how do you help those who are in need, so there are many things that we want”.
Managing Director, Bank of Industry, Olukayode Pitan explained the challenges faced by countries.
“The challenge in all the countries now, how do you get financing for those who require it and at a cost. We all know in Nigeria today the average cost of borrowing money, the lending rate sometimes is between 20-30% depending on what you are asking for.
“The African continent is in dire need of finance for development and you know Nigeria has been crying for infrastructure development, for agricultural development; so it couldn’t have come at a better time than now when the continent and Nigeria in particular is in dare need for finance for development.
The essence is to discuss how we can among our financial institutions in Africa, how we can come together to finance the needed development that we need in Africa.
“How many businesses can you do with those kind of interest rates and still make it; in most cases they are not sustainable.
“But then a bank like the bank of industry, everybody wants to have access to an interest rate of 9-10%. We ourselves what we have is not totally unlimited, so we are constantly ourselves, trying to be creative to look for ways we raise more money to help the industrial sector.
“We are going to discuss how we are going to assist small and medium enterprises, how they can have capital access and for those who are already in the industry, how we can support what they have, how we can help them to expand at a cost that can makes sense.