To attain sustainable solutions to economic recovery, there is a need for the government and relevant stakeholders to consciously encourage and develop small and medium enterprises/youth entrepreneurship.
MD/CEO of Heritage Bank Plc, Ifie Sekibo, gave this submission on the sidelines of the 14th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) with a theme: ‘Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance’.
According to him, one of the key areas where government, financial institutions and other stakeholders can move this nation from poverty to prosperity is through the conscious creation of a viable environment for small businesses and young entrepreneurs to thrive.
He said this is so because they are the backbone of local economies around the world; and they are the biggest employers, job creators and contributors of the national gross domestic products.
“We cannot talk about moving from poverty to prosperity without taking SMEs very seriously in this country.
“We must support the SMEs sector reform through providing infrastructure, providing loans to farmers and ensuring interest rate loans are single digit,” he affirmed.
Sekibo who was represented at the conference by the Regional Head Abuja-1, Daniel Oniko, stated that giving SMEs and young entrepreneurs leverage to contribute immensely to the development of their host community through engaging the youths and unemployed individuals will bring about and facilitate economic recovery.
He emphasized that the role of SMEs in creating and sustaining national development in relation to job creation has been considered a key tool in modern-day poverty alleviation, economic emancipation, and total well-being.
“One of Heritage Bank’s major cardinal points as a bank is supporting micro, small and medium scale businesses and our strong desire to see young men and women succeed in any area of their business.
“This will help the society and economy to grow, thereby moving the nation from poverty to prosperity,” he said.
He noted that Heritage Bank was taking the lead through various initiatives such as its youth entrepreneurship development programmes which were aimed at increasing the contributions of the MSME segment to the economy.
L-R: Edison Okoro, Heritage Bank’s Experience Centre Manager, Herbert Macaulay, Abuja; Dr. Uche Olowo; Immediate past President/Chairman of Council, CIBN; Daniel Oniko Regional Head Abuja 1; Isaiah Ediae, Experience Centre Manager, Algiers Wuse and Blessing Eyo, Heritage Bank’s Experience Centre Associate, during the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria (CIBN) with a theme: ‘Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance’, held in Abuja
He further explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).
Speaking earlier, the vice president, Professor Yemi Osinbajo, said emerging challenges require that the banking and finance sector takes on more transformative projects such as housing and renewable energy.
The VP acknowledged that the banking and finance sector has over the years played significant roles in the nation’s economic development.
“It is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance,” he noted.
In his goodwill message, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stated that the banking sector remained well positioned to support the recovery efforts of the monetary and fiscal authorities.
“Clearly, Nigeria’s banks have become not only strong and resilient but have also carved a good niche in the world to consolidate on the growth and resilience of the banks in the last decades,” he added.