By Stanley Opara

Thursday, 20 Jan 2011

Deposit Money Banks and the Central Bank of Nigeria have said the anticipated growth of Nigeria’s economy in 2011 will only be realised if there is a conscious effort by all stakeholders to develop the real sector.

They, however, said that the level of local productivity in terms of goods and services must be increased, if the economy must be self-sustaining and vibrant.

The Head, Development Finance, Oceanic Bank International Plc, Mr. Felix Oyakhamoh, who spoke to our correspondent on Wednesday in Lagos, said the development of the real sector would not be complete if adequate attention was not paid to the small and micro segment of the economy.

According to him, in addition to are project financing and lending by banks, more results will be realised if there is increased collaboration among various stakeholders in the public and private sectors.

The Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, said this would also reinforce the Bankers’ Committee’s ongoing efforts at rejuvenating the Nigerian economy.

He said part of what had been done was the creation of the Central Bank of Nigeria-Bank of Industry project refinancing scheme opened to players in the real sector of the country’s economy.

The Governor, CBN, Mr. Lamido Sanusi, said at a forum on Tuesday that in the last two years, the Federal Government had put in placed several the measures to stimulate development of the Nigerian economy.

One of such measures, he explained, was the initiative to support the real sector of the economy through a collaboration of government agencies and private sector institutions to ensure growth and employment generation.

He said, “Government policies, when properly implemented, can achieve the desired result. I am confident that we shall in due course see more results of our initiatives. The time has come for our entrepreneurs to fill the huge gap in local production.

“Patronage, especially local patronage, is vital for the success of any business endeavour. I therefore appeal to both private and government institutions to patronise local firms.”

Sanusi said the CBN was already embarking on a shared services programme among the banks. He added, “This will, to a great extent, reduce the cost of doing banking business and contribute positively to the downward review of the lending rates for the real sector of the economy.

“It is our collective responsibility to provide support in all possible ways to ensure that our industries remain viable and operational even in the face of suboptimal infrastructure, which the government is aggressively addressing.”

Source: Punch