Friday, January 9, 2026
33.3 C
Lagos

Banks Must Lend to Real Sector to Spur Growth

Godwin Emefiele
Governor
Central Bank of Nigeria

 The Nigerian economy cannot enjoy sustainable growth unless banks begin to lend to operators in the real sector.

This was the position of Dr. Uche Olowu, President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN) while speaking at the 2020 Economic Outlook Forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Olowu made it clear that no economy has grown without access to capital. He added that without access to capital, there is nothing that businesses could do to move forward. He expressed optimism however that banks will move the needle on lending in 2020.

“Banks are re-strategising and focusing on niche areas. They are ready to lend to those that are creative. They are galvanizing their credit portfolio and those with creative and innovative ideas will readily have access to credit.”

He equally expressed displeasure with the borrowing culture in Nigeria which he said contributes largely to the problem of Non-Performing Loans (NPLs) in the banking sector.

“Borrowing culture in Nigeria is bad and some government policies also caused the issue of NPLs but banks need to lend to the real sector.”

spot_img
spot_img
spot_img

Hot this week

A Rejoinder To ‘Bola’s Tax’: When ‘Simple Logic’ Becomes Simple Misdirection

  Dr. Zacch Adedeji Executive Chairman FIRS By Tanimu Yakubu THE essay you circulated...

Tinubu Applauds NGX N100tn Milestone, Charges Nigerians to Invest More Locally

President Bola Tinubu has praised corporate Nigeria, citizens, and...

Unity Bank Disburses over N270 Million to Corpreneurship Winners

Unity Bank Plc has disbursed over N270 million in...

NCC, CBN Set to Roll Out Refund Framework for Failed Airtime and Data Transactions

In line with the consumer-focused objectives of the Nigerian...

Sovereign Trust Insurance Unveils Lucas Durojaiye as New MD/CEO

The Board and Management of Sovereign Trust Insurance Plc...

Topics

Fidelity Bank Partners Ashoka Africa to Empower Young Innovators

L-R: Co-President, Ashoka Africa, Angelou Ezeilo; Divisional Head, Product...

NIA Chairman, Eddie Efekoha, Elected IoD Fellow

Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association (NIA) is...

2023: Emefiele’s Case Against INEC, AGF Set for May 12

Justice A. R. Mohammed of the Federal High Court...

Unity Bank Posts N27B Gross Earnings in H1’22, Records 23% Growth in PAT

From left: Dr Oluwafunsho Obasanjo, Non-Executive Director; Mr. Alaba...

Stanbic IBTC Asset Mgt Launches N20bn Infrastructure Fund Series III Issuance

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC...

NCC Promises Seamless Quality of Service Despite Challenges in Abuja

The Nigerian Communications Commission (NCC) acknowledges the Quality of...

Umaru Danbatta: In the Footstep of Exemplary Regulatory Regime

The exemplary regulatory regime at the Nigerian Communications Commission (NCC) has received a further boost with the recent appointment of Dr. Umaru Danbatta as the new Executive Vice-Chairman and Chief Executive of the NCC. Over the years, the regulatory performance of the NCC has endeared it to international and local telecom bodies, especially after the 2001 launch of GSM services in Nigeria. Danbatta, who holds a Doctorate Degree in Electronic Engineering, takes over from Eugene Juwah whose tenure expired on July 29, 2015.

NAICOM, NEM, African Alliance, Guinea for Business Journal Presentation Sept 16

The National Insurance Commission (NAICOM), NEM Insurance Plc, African...
spot_img

Related Articles

Popular Categories

spot_imgspot_img