Tuesday, May 5, 2026
28.3 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

Why Botswana Has the Best Sovereign Rating in Africa

Sovereign credit strength across Africa is concentrated within a...

emPLE Nigeria Paid over N7bn Claims to Support Individuals, Families, Businesses in 2025

emPLE, one of Nigeria’s rapidly growing insurance companies, has...

Passpoint Announces the Financial Orchestration Layer for Africa, Europe, G20

Passpoint, the financial infrastructure company building the orchestration layer...

Fixing the Real Problem with Nigeria’s SIM Recycling System

 By Elvis Eromosele Nigeria’s push to strengthen digital trust has...

Power, People, Finance: Critical Levers for SME Scale at Nigeria Business Summit 2026

Small and medium‑sized enterprises (SMEs) will only scale sustainably...

Topics

Ecobank Transnational Inc Holds 32nd AGM as Shareholders Approve Resolutions

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank...

DBN Empowers 1, 000 MSMEs in North-East/West via Capacity Training

The Development Bank of Nigeria (DBN) in continuation of...

V Bank Snooker Tournament Set for March 30 in Lagos

The debut edition of the V Bank Open Snookers...

Emirates Group Celebrates Outstanding Employees, Heroes

Wayne Davies, Senior Vice President Emirates HR Business and...

Senate Expresses of Commitment for Speedy Amendment NDIC Act

The Senate Committee on Banking, Insurance and Other Financial...

BusinessToday Unveils Nominees for 2016 Award

The management of BusinessToday online, a business online news...

Maersk Sets Net Zero CO2 Emission Target by 2050

A.P. Moller -Maersk aims at having carbon neutral vessels...
spot_img

Related Articles

Popular Categories

spot_imgspot_img