Connect with us

Access Bank

  •  The Chief Executive Officer of Sightsavers International Dr Caroline Harper says the organisation is very close to eliminating trachoma disease in Nigeria Harper disclosed this at a breakfast round table organised by Access Bank on Thursday in Lagos She said Trachoma is a bacterial infection in the eye and repeated infections of Trachoma turns ones eyelids inside out so that the eyelashes scrape on the cornea It is agonising and it is really an unpleasant disease and years ago it was one of the most common causes of blindness in Nigeria Harper said She said the organisation was close to eliminating the disease in Nigeria at the moment Harper noted that when she visited Nigeria in 2011 the trachoma disease map was at red but in green at the moment indicating that the disease was being tactically defeated The only area where we have significant problems are in the Northeast And it s the problem of conflict that is stopping us And if we can do that I believe within the next three years we should be able to eliminate trachoma in Nigeria That is the only thing stopping us and will not be fabulous to be able to stand there And for Nigeria to say that we have eliminated one of the most horrible painful diseases and that s the sort of progress that we have been able to make working with partners Harper said She said that the organisation would continue to eliminate the disease in the countries where it works to free millions of people from the blindness poverty and social isolation caused by trachoma She said that the focus of her engagement was on how Persons with Disabilities PWDs could have access to work and be given the enabling environment to be productive in the work place According to her Sightsavers work on issues of eye health working to prevent blindness treating blindness and also educating people about these issues But we also work very closely with organisations and persons with disabilities and the private sector on how we can ensure PWDs fight for their rights We want to ensure they speak up for themselves and make sure that not only is the government passing those relevant acts but also enforcing them They don t just sit on the shelf The other piece that we are doing and increasingly important to us is economic empowerment Harper said She said that the inclusion work programme officially came to an end in June adding that it was very successful Harper described the inclusion programme as phase one of its economic empowerment programme We are moving on to a much bigger programme in nine countries across Africa We are going to be investing five million dollars of Sightsavers funding into helping PWDs engage with work and helping employers learn how to employ them she said Harper said that she was excited that employers were starting to recognise that this was not a charitable thing to do This is not about feeling sorry for PWDs If we are a nice organisation we should employ a few What it s really about is a whole group of people with tremendous potential talent that has been left out to waste Now we all know in today s world there s a fight for good talent It s not easy to find good people There s a lot of competition There s a lot of staff turnover right across the world And yet we still seem to leave out 15 per cent of the people that could be part of the workforce Let s recognise that these people could tremendously add to the economic success of your company as well as the country she added Also speaking the Executive Director Access Bank Mr Gregory Jobome said that the bank was deliberate in formulating disability friendly policies for its staff and customers Jobome said that the bank had a pedigree in engaging with a range of international partners over the past 15 years on sustainability Part of the bank s sustainability journey is ensuring that in terms of the best practices around inclusiveness gender and disability that we are keyed in we understand them and we embed them in the business that we run Now to do this means that you have to identify key global players like Sightsavers like all the big international fund finance organisations and all the other big global players in our space Most of the time the gap is closing gradually but we know that we still have to learn one or two things from those who have done it before us So having Sightsavers around who have worked in this space for so many years means that we can leapfrog right so what took them 100 years to achieve it can take us 10 years if we take it seriously So in Access Bank we will take this very seriously And that is why we deliberately look out for some global partners to work with and ensure that we are leapfrogging as a company and as a country to get to those best practices around inclusion and disability Jobome said NewsSourceCredit NAN
    We are close to eliminating trachoma in Nigeria – Sightsavers
     The Chief Executive Officer of Sightsavers International Dr Caroline Harper says the organisation is very close to eliminating trachoma disease in Nigeria Harper disclosed this at a breakfast round table organised by Access Bank on Thursday in Lagos She said Trachoma is a bacterial infection in the eye and repeated infections of Trachoma turns ones eyelids inside out so that the eyelashes scrape on the cornea It is agonising and it is really an unpleasant disease and years ago it was one of the most common causes of blindness in Nigeria Harper said She said the organisation was close to eliminating the disease in Nigeria at the moment Harper noted that when she visited Nigeria in 2011 the trachoma disease map was at red but in green at the moment indicating that the disease was being tactically defeated The only area where we have significant problems are in the Northeast And it s the problem of conflict that is stopping us And if we can do that I believe within the next three years we should be able to eliminate trachoma in Nigeria That is the only thing stopping us and will not be fabulous to be able to stand there And for Nigeria to say that we have eliminated one of the most horrible painful diseases and that s the sort of progress that we have been able to make working with partners Harper said She said that the organisation would continue to eliminate the disease in the countries where it works to free millions of people from the blindness poverty and social isolation caused by trachoma She said that the focus of her engagement was on how Persons with Disabilities PWDs could have access to work and be given the enabling environment to be productive in the work place According to her Sightsavers work on issues of eye health working to prevent blindness treating blindness and also educating people about these issues But we also work very closely with organisations and persons with disabilities and the private sector on how we can ensure PWDs fight for their rights We want to ensure they speak up for themselves and make sure that not only is the government passing those relevant acts but also enforcing them They don t just sit on the shelf The other piece that we are doing and increasingly important to us is economic empowerment Harper said She said that the inclusion work programme officially came to an end in June adding that it was very successful Harper described the inclusion programme as phase one of its economic empowerment programme We are moving on to a much bigger programme in nine countries across Africa We are going to be investing five million dollars of Sightsavers funding into helping PWDs engage with work and helping employers learn how to employ them she said Harper said that she was excited that employers were starting to recognise that this was not a charitable thing to do This is not about feeling sorry for PWDs If we are a nice organisation we should employ a few What it s really about is a whole group of people with tremendous potential talent that has been left out to waste Now we all know in today s world there s a fight for good talent It s not easy to find good people There s a lot of competition There s a lot of staff turnover right across the world And yet we still seem to leave out 15 per cent of the people that could be part of the workforce Let s recognise that these people could tremendously add to the economic success of your company as well as the country she added Also speaking the Executive Director Access Bank Mr Gregory Jobome said that the bank was deliberate in formulating disability friendly policies for its staff and customers Jobome said that the bank had a pedigree in engaging with a range of international partners over the past 15 years on sustainability Part of the bank s sustainability journey is ensuring that in terms of the best practices around inclusiveness gender and disability that we are keyed in we understand them and we embed them in the business that we run Now to do this means that you have to identify key global players like Sightsavers like all the big international fund finance organisations and all the other big global players in our space Most of the time the gap is closing gradually but we know that we still have to learn one or two things from those who have done it before us So having Sightsavers around who have worked in this space for so many years means that we can leapfrog right so what took them 100 years to achieve it can take us 10 years if we take it seriously So in Access Bank we will take this very seriously And that is why we deliberately look out for some global partners to work with and ensure that we are leapfrogging as a company and as a country to get to those best practices around inclusion and disability Jobome said NewsSourceCredit NAN
    We are close to eliminating trachoma in Nigeria – Sightsavers
    General news2 months ago

    We are close to eliminating trachoma in Nigeria – Sightsavers

    The Chief Executive Officer of Sightsavers International, Dr Caroline Harper, says the organisation is very close to eliminating trachoma disease in Nigeria.Harper disclosed this at a breakfast round table organised by Access Bank on Thursday in Lagos.She said: “Trachoma is a bacterial infection in the eye; and repeated infections of Trachoma turns ones eyelids inside out, so that the eyelashes scrape on the cornea.“It is agonising and it is really an unpleasant disease and years ago, it was one of the most common causes of blindness in Nigeria,” Harper said.She said the organisation was close to eliminating the disease in Nigeria at the moment.Harper noted that when she visited Nigeria in 2011 the trachoma disease map was at red but in green at the moment, indicating that the disease was being tactically defeated.“The only area where we have significant problems are in the Northeast.“And it’s the problem of conflict that is stopping us.And if we can do that, I believe within the next three years, we should be able to eliminate trachoma in Nigeria.“That is the only thing stopping us and will not be fabulous to be able to stand there.“And for Nigeria to say that we have eliminated one of the most horrible, painful diseases, and that’s the sort of progress that we have been able to make working with partners,” Harper said.She said that the organisation would continue to eliminate the disease in the countries where it works to free millions of people from the blindness, poverty and social isolation caused by trachoma.She said that the focus of her engagement was on how Persons with Disabilities (PWDs) could have access to work and be given the enabling environment to be productive in the work place.According to her, Sightsavers work on issues of eye health; working to prevent blindness, treating blindness, and also educating people about these issues.“But we also work very closely with organisations and persons with disabilities and the private sector on how we can ensure PWDs fight for their rights.“We want to ensure they speak up for themselves and make sure that not only is the government passing those relevant acts, but also enforcing them?“They don’t just sit on the shelf.The other piece that we are doing and  increasingly important to us, is economic empowerment,” Harper said.She said that the inclusion work programme officially came to an end in June, adding that it was very successful.Harper described the inclusion programme as phase one of its economic empowerment programme.“We are moving on to a much bigger programme in nine countries across Africa.“We are going to be investing five million dollars of Sightsavers funding into helping  PWDs engage with work and helping employers learn how to employ them,” she said.Harper said that she was excited that employers were starting to recognise that this was not a charitable thing to do.“This is not about feeling sorry for PWDs. “If we are a nice organisation, we should employ a few.“What it’s really about is a whole group of people with tremendous potential talent that has been left out to waste.“Now we all know in today’s world there’s a fight for good talent.It’s not easy to find good people.There’s a lot of competition.“There’s a lot of staff turnover, right across the world.And yet we still seem to leave out 15 per cent of the people that could be part of the workforce.“Let’s recognise that these people could tremendously add to the economic success of your company as well as the country,” she added.Also speaking, the Executive Director, Access Bank, Mr Gregory Jobome, said that the bank was deliberate in formulating disability friendly policies for its staff and customers.Jobome said that the bank had a pedigree in engaging with a range of international partners over the past 15 years on sustainability.“Part of the bank’s sustainability journey is ensuring that in terms of the best practices around inclusiveness, gender and disability that we are keyed in, we understand them and we embed them in the business that we run.“Now to do this means that you have to identify key global players like Sightsavers, like all the big international fund finance organisations, and all the other big global players in our space.“Most of the time, the gap is closing gradually, but we know that we still have to learn one or two things from those who have done it before us.“So, having Sightsavers around who have worked in this space for so many years, means that we can leapfrog right so what took them 100 years to achieve, it can take us 10 years, if we take it seriously.“So, in Access Bank, we will take this very seriously.And that is why we deliberately look out  for some global partners to work with and ensure that we are leapfrogging as a company and as a country to get to those best practices around inclusion and disability,” Jobome said.NewsSourceCredit: NAN

  •  The Group Managing Director of Access Bank Plc Mr Roosevelt Ogbonna has enjoined corporate entities to embrace technology to stay afloat in the increasingly competitive market place Delivering a keynote address at the unveiling of an app known as Cydene Express in Lagos on Wednesday Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later Ogbonna said that technology had caused disruptions in markets across the globe a development he said had resulted to untimely deaths for many corporate entities Globally disruptions have become the order of the day and technology is at the heart of that disruption therefore any entity that fails to shape up will naturally ship out He lauded Mr Skalid Obi the software developer who built the Cydene Express app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas The Access Bank chief described the new app as a value added platform that would give easy access to utilities and services in Nigeria Also speaking the Executive Vice Chairman of Techno Oil Ltd Mrs Nkechi Obi praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households She however told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth Earlier Skalid who is also the Chief Executive Officer of Cydene Energy Services said that the company developed Cydene Express to boost the adoption of Liquefied Petroleum Gas LPG among Nigerian households He said that the company was prompted to develop the app to bridge the gap in accessing and paying for household utilities from the comfort of homes At Cydene Energy we have built a socially inclusive app that can accommodate Nigerians With this app Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers He said that with the introduction of the app the Federal Government s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost A Director of Cydene Energy Services Mr Sam Ochonma said that the app was also handy in making payments for other utilities such as airtime cable television and electricity bills He explained that users could send money to friends and families to pay for utilities using the app The News Agency of Nigeria reports that up to 10 000 Nigerian households have embraced the app for efficient use of household utilities NewsSourceCredit NAN
    Access Bank chief enjoins companies to embrace technology to stay afloat
     The Group Managing Director of Access Bank Plc Mr Roosevelt Ogbonna has enjoined corporate entities to embrace technology to stay afloat in the increasingly competitive market place Delivering a keynote address at the unveiling of an app known as Cydene Express in Lagos on Wednesday Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later Ogbonna said that technology had caused disruptions in markets across the globe a development he said had resulted to untimely deaths for many corporate entities Globally disruptions have become the order of the day and technology is at the heart of that disruption therefore any entity that fails to shape up will naturally ship out He lauded Mr Skalid Obi the software developer who built the Cydene Express app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas The Access Bank chief described the new app as a value added platform that would give easy access to utilities and services in Nigeria Also speaking the Executive Vice Chairman of Techno Oil Ltd Mrs Nkechi Obi praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households She however told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth Earlier Skalid who is also the Chief Executive Officer of Cydene Energy Services said that the company developed Cydene Express to boost the adoption of Liquefied Petroleum Gas LPG among Nigerian households He said that the company was prompted to develop the app to bridge the gap in accessing and paying for household utilities from the comfort of homes At Cydene Energy we have built a socially inclusive app that can accommodate Nigerians With this app Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers He said that with the introduction of the app the Federal Government s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost A Director of Cydene Energy Services Mr Sam Ochonma said that the app was also handy in making payments for other utilities such as airtime cable television and electricity bills He explained that users could send money to friends and families to pay for utilities using the app The News Agency of Nigeria reports that up to 10 000 Nigerian households have embraced the app for efficient use of household utilities NewsSourceCredit NAN
    Access Bank chief enjoins companies to embrace technology to stay afloat
    General news2 months ago

    Access Bank chief enjoins companies to embrace technology to stay afloat

    The Group Managing Director of Access Bank Plc., Mr Roosevelt Ogbonna, has enjoined corporate entities to embrace technology, to stay afloat in the increasingly competitive market place.

    Delivering a keynote address at the unveiling of an app, known as “Cydene Express’’ in Lagos on Wednesday, Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later.

    Ogbonna said that technology had caused disruptions in markets across the globe, a development he said, had resulted to untimely deaths for many corporate entities.

    “Globally, disruptions have become the order of the day and technology is at the heart of that disruption, therefore, any entity that fails to shape up will naturally ship out.

    ’’ He lauded Mr Skalid Obi, the software developer, who built the “Cydene Express’’ app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities.

    “Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas.

    The Access Bank chief described the new app as a value-added platform that would give easy access to utilities and services in Nigeria.

    Also speaking, the Executive Vice-Chairman of Techno Oil Ltd., Mrs Nkechi Obi, praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households.

    She, however, told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth.

    Earlier, Skalid, who is also the Chief Executive Officer of Cydene Energy Services, said that the company developed “Cydene Express’’, to boost the adoption of Liquefied Petroleum Gas (LPG) among Nigerian households.

    He said that the company was prompted to develop the app, to bridge the gap in accessing and paying for household utilities from the comfort of homes.

    “At Cydene Energy, we have built a socially inclusive app that can accommodate Nigerians.

    With this app, Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity.

    “We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers.

    ” He said that with the introduction of the app, the Federal Government’s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost.

    A Director of Cydene Energy Services, Mr Sam Ochonma, said that the app was also handy in making payments for other utilities such as airtime, cable television and electricity bills.

    He explained that users could send money to friends and families to pay for utilities, using the app.

    The News Agency of Nigeria reports that up to 10,000 Nigerian households have embraced the app for efficient use of household utilities.

    (
    NewsSourceCredit: NAN

  •  The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
     The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
    Economy2 months ago

    MAN tasks banks, OPS on economic growth

    The Manufacturers Association of Nigeria (MAN) on Wednesday urged commercial banks and the Organised Private Sector (OPS) to join hands to grow the economy.

    Mr Mansur Ahmed, President of MAN, gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

    The News Agency of Nigeria reports that the conference supported by Access Bank, Ecobank, FirstBank and Zenith Bank had: “Promoting Synergy Between the Banking Industry and the Organised Private Sector,’’ as the theme.

    Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy; hence, the need for both sectors to work together to reduce poverty, attract investment and boost economic growth.

    “The traditional industry-bank lending relationship is no longer supporting the growth of the industry, the bank and the economy, as a whole.

    “ Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight.

    “ Based on this information, it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all.

    “ There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription,’’ he said.

    He, therefore, recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy.

    He stressed the need to prioritise attention to industry foreign exchange requests, particularly in this period of acute shortage.

    Ahmed represented by Mr Ambrose Oruche, Director, Corporate Services of MAN, also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality.

    He recommended the creation of a process that would support  equipment acquisition in the industry and creation of funds to support industry-bank joint venture for easy financing of specific industry business.

    He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit.

    Mr Ide Udeagbala, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), represented by Mr Ayo Osinloye, urged stakeholders to provide answers to the difficult challenges being faced by the private sector.

    “They face weak infrastructure, especially in terms of power, transportation, and workspace.

    They lack a collective voice and have relatively weak influence of policy formulation.

    They have poor access to vital resources, especially finance,” Udeagbala said.

    Also speaking, Mr Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), advised the OPS to approach the development financing institutions for financial assistance.

    “I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector.

    “Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks?

    “Banks are supposed to approach the CBN on behalf of their customers to solve these problems; the commercial banks lend for credit purpose, they have the primary responsibility to protect their depositors,’’ Ezulu said Dr Ken Opara, the CIBN President, noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation, job creation, provision of goods and services and poverty alleviation.

    “Thus a well-functioning financial system and a rigorous private sector are important drivers of national growth in terms of  Gross Domestic Product, employment generation, economic stability and poverty reduction.

    “However, I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies.

    “Given the interdependence of both sector, it has become imperative for both to work mutually for the growth of the nation’s economy,’’ Opara said.

    Earlier, Mr Rasheed Bolarinwa, President ACAMB, said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy.

    “Finance, the essence of banking is the driving force for the private sector.  

    Capital, is probably the primary factor of production.

    “On the other side, the private sector, as the end users of banking services and the largest sector of the economy, is also conversely the driver of a sustainable and viral banking sector.

    “So, I will say there is a symbiotic relationship between the two sectors, banking is important to the private sector, just as the private sector is important to the banks.

    That explains why this conference is taking place.

    “So, it is safe to conclude that the more active and synergistic the relationship between banking and private sector, the more we are collectively able to develop and grow the national economy for sustainable Nigeria,’’ he said.

    (
    NewsSourceCredit: NAN