Saturday, March 28, 2026
26.4 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

BudgIT Demands Accountability over N129.5bn Disbursed on 2023 Census Without Result

Nigeria's last credible population census was conducted in 2006....

Leadway Strengthens Commitment to Healthcare Advancement with Support for 2026 AMSA Medical Education Conference

Leadway, Nigeria’s leading non-banking financial and wellbeing conglomerate, has...

CBN Reaffirms Oversight, Assures Stability of Union Bank After Court Ruling

 The Central Bank of Nigeria (CBN) acknowledges the judgment...

Mutual Benefits Strengthens Customer Confidence with ₦4.2bn February Claims Payout

Mutual Benefits Assurance Plc, a leading player in Nigeria’s...

NCC Reaffirms Commitment to Expanding Broadband Access to Underserved Communities in Plateau State

L-R: Deputy Director, Legal and Regulatory Services, Nigerian Communications...

Topics

Court Again Restrains NAICOM on New Businesses by Guinea Insurance

A Federal High Court sitting in Abuja had on...

NCDMB Rallies NNPC, Oil Producers to Boost in-country Manufacturing of Line Pipes

The Nigerian Content Development and Monitoring Board (NCDMB) on...

Nigeria’s Fola Daniel Named in African Insurance ‘Hall Of Fame’

Nigeria’s Fola Daniel, insurance icon and former Commissioner for...

Nigeria Expects 600 Delegates at 47th AIO Confab from Sept 4

Mrs. Ebelechukwu Nwachukwu Chairperson Local Organising Committee (LOC) 47th AIO Conference &...

Orange Completes Acquisition Tigo in DR Congo

Less than three months after signing an agreement with...

AMCON Submits List of Top 1,000 Bank Debtors to NA for Speedy Recovery

In another deft strategy to intensify its debt recovery...

The Rise of $1bn e-Commerce Industry in Nigeria

According to Euromonitor International data, Nigeria boasts the largest online market for apparel and footwear in Africa, which is expected to grow from US$104 million in 2014 to $1billion in 2019. The building blocks for future developments in e-tailing are emerging in sub-Saharan Africa, as a growing middle class and young population create a demand for products that store-based retail simply cannot meet, due to a lack of shopping malls and gridlocked cities.

‘Smart City Solutions Indispensable for Tackling Urbanisation Challenge’

Carl Wright, Secretary-General of the Commonwealth Local Government Forum...
spot_img

Related Articles

Popular Categories

spot_imgspot_img