Bankers Nite and looking inward for economic growth
Expectations of bankers and other stakeholders in the financial services sector are high as experts will tomorrow at the Bankers Nite share ideas on how the Nigerian economy can be developed inwardly.
Part of that expectation is how the government can create more infrastructures that would enable ease of doing business in the country.
The expectation follows on the part of the banking sector, the role of banks in providing finances for the real sector as well as small and medium enterprises (SMEs) growth.
Consequently, Lagos State chapter of the Chartered Institute of Bankers of Nigeria (CIBN) has chosen renowned Strategic Economist Temitope Oshikoya, the CEO of Nextnomics to lead a discussion on ‘The new world Economic order: Imperative of a National Policy Rethink’, which is theme for this year’s Bankers’ Nite scheduled to hold in July 27 in Lagos. Victoria Haastrup, and the executive Vice Chairman, ENL Consortium Limited will direct the affairs of the day.
“We need to solve our problems internally to encourage endogenous growth that is inward related growth”, Kola Abdul, CIBN Lagos branch chairman, said at a media briefing in Lagos, adding that “with the economic prospects of the Nation improving at a snail speed, the economic policies must be revisited in order to confer deliberate advantage on our recovering economy”.
Other CIBN Lagos chapter executives who address the media include Jide Iyanda, publicity secretary, Temisan Tuedor, planning committee, and Peter Ashade, 1st Vice Chairman, CIBN, Lagos branch.
They were of the view that “as a nation we need to look inward and not depend on foreign direct investment. There is need to look at agricultural sector, mineral resources sector for generation of foreign exchange. So the way to go for the economy is to look inwards”.
Responding to the rationale behind looking inward for economic development and banks not lending to real economy and SMEs, they said “Banks do not operate in isolation. Genuine transactions still go through banks. We thank God for Fintech, banking has evolved over time. Before it used to be tally but now it is Fintech. You do not have to go to any branch to open account now. We pray more infrastructure will come so that cost of doing business for banks will be highly reduced and you could bank in rural areas. That should be the future of banking. When banking can get to the ordinary person in the village that is when we are doing banking. The economy must be driven by the private sector with government participating by creating infrastructure”.
The night offers a great deal of opportunity for networking and a chance for re-union with old friends and colleagues. Practising and retired noble men and women of banking profession will have the opportunity to interact and trade old and new strategies of success.
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