The Chartered Institute of Bankers of Nigeria (CIBN) has called on Nigerian banks to deploy their recently raised capital towards financing micro, small and medium-sized enterprises (MSMEs), saying increased lending to the sector is critical to achieving stronger economic growth and Nigeria’s ambition of building a $1 trillion economy.
The President and Chairman of the Council of the CIBN, Dele Alabi, made the call at the world press conference on the institute’s 19th Annual Banking and Finance Conference, scheduled for 8-9 September at the Congress Hall, Transcorp Hilton, Abuja.
The conference, themed “Building a Resilient Economy in an Era of Disruptions: Strategic Imperatives for the Banking and Financial Services Industry,” will bring together policymakers, regulators, financial institutions, development partners, technology innovators, academics and business leaders to deliberate on the future of the banking and financial services industry.
$1 trillion economy
Speaking during the question-and-answer session, Mr Alabi said the recent recapitalisation of banks had provided stronger buffers for their balance sheets. Still, he argued that the additional capital should now be deployed towards productive sectors of the economy rather than remaining concentrated in government securities and large corporate borrowers.
