Economy

Nigerian banks should partner states to address power problem – Wigwe

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The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has said that banks need to partner state governments to resolve the country’s power issue to achieve sustainable growth and development.

Wigwe said this on Wednesday, at the 13th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), at which there was a hybrid of both physical and virtual attendance.

He said that commercial banks should partner state governments to embrace solar power solution in order to resolve the country’s power issues.

The bank chief, who spoke on “Green Banking & Economic Growth,” lamented that Nigeria, with 200 million people, had many depending on generators.

He said that Nigeria must address the power problem to achieve its growth potential and employment generation.

Wigwe also tasked the Federal Government on relevant policies that would enable businesses to thrive.

According to him, banks need to provide banking solutions that will help alleviate social and economic challenges, as well as provide finance and expertise.

Wigwe said that there had been reduction in carbon emissions and increase in green technologies investment due to COVID-19 realities for sustainability in banks.

Also speaking, Mrs Oyinkan Ogungbemile, Senior Credit Risk Analyst, Rand Merchant Bank, tasked banks on green banking products.

Ogungbemile said that COVID-19 had shown that banks could still operate with minimal physical presence.

She called for the creation of a green bank in Nigeria that would promote green economy.

Prof. Jubril Adeojo, Chief Executive Officer, SME Funds Capital, said, “it is not about post COVID-19 recovery, it is about post COVID-19 green recovery.”

Adeojo said that banks must invest in value chain of agriculture to create jobs and ensure food sustainability.

Earlier at the two-day programme, Mr Bayo Olugbemi, CIBN President/Chairman of Council, said that the business continuity plan of the council under the COVID-19 challenges focused on enhancing competency and quality services to its teeming members and stakeholders.

Olugbemi said that CIBN had adopted digital applications in its operations and processes.

He said that the institute had been innovative in executing all its activities.

NAN reports that the conference themed: “Facilitating a Sustainable Future: The Role of Banking and Finance”,was attended by over 2,500 participates from various locations across the globe.

Edited By: Oluwole Sogunle
Source: NAN

Chinyere Nwokeoma

Chinyere Nwokeoma: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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