Monday, May 4, 2026
32.1 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

Stanbic IBTC Bank PMI: Business Activity Continues to Rise, But Higher Fuel Costs Limit Growth

The Nigerian private sector remained in growth territory at...

Niger Delta Economic & Investment Summit 2026: Fubara, Stakeholders Discuss Strategies in PH

The Executive Governor of Rivers State, Sir Sim Fubara...

NGX Shareholders Commend Leadership at 65th AGM, Seeks Continued Growth

Shareholders of Nigerian Exchange Group Plc (NGX Group) have...

Sovereign Trust Insurance Set for Market Leadership via N5bn Rights Issue

Sovereign Trust Insurance Plc has completed the structuring phase...

All Set for Ecobank 2026 National Schools’ Team Chess Championship

L–R: Austen Osokpor, Head, Marketing and Corporate Communications, Ecobank...

Topics

LASUMBA Heritage Holds 2019 Convention Nov 30

LASUMBA Heritage, an Association of Alumni and Managers of...

Nigerian Content Level Hits 54% in 2022, NCDMB Tasks Indigenous Firms on Compliance

Mid-way into a 10-year Strategic Road Map for enhanced...

Reps to Visit Arik, Aero Airlines on Assessment

L-R: Mr. Aminu Ismail, Executive Director, Operations, Asset Management...

Africa Finance Corp Secures $150m Loan from German Bank

In a statement published on June 22, Africa Finance...

Sovereign Trust Insurance Grows PBT by 51.5% in 2019

Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc The National Insurance...

Maida Excited at Nigeria’s Success at World Radio Communications Conference 2023

Executive Vice Chairman/ Chief Executive Officer, Nigerian Communications Commission, Dr....

Experts, Stakeholders Call for Strong National Cyber-Security Infrastructure

Left: Chairman, Committee of Chief Information Security Officers of...

S&P: Sub-Saharan African Sovereign Commercial Loans to Fall 20% in 2016

American rating agency, Standard & Poor’s indicated in a...
spot_img

Related Articles

Popular Categories

spot_imgspot_img