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Finance Minister, others commend BGL’s contribution to economic development

By Peter Egwuatu
TOP government officials and captains of industry including Minister of Finance, Mansur Muhtar, and Minister of States for Petroleum, Mr. Odien Ajumogobia  have urged Nigerians to complement government’s effort to bring the economy out of the wood rather than leaving the entire task of economic transformation in the hand of government.

Speaking at the public presentation of BGL Research and Intelligence publications in Abuja last weekend, Muhtar, who launched the BGL Banking Report; Getting banks to lend again, commended the ingenuity of the management of BGL in producing the five reports to promote intellectual discourse and even debate as an essential platform for the new paradigm of investment banking, banking, finance and economics in Nigeria.

He enjoined Nigerians to contribute their quota towards economic development, saying “ the publications would provide fresh perspective and insight for the private sector and also make governance more transparent.”

He noted that the excruciating reform in the banking sector is a prize to be paid for the nation to attain economic stability through a sound banking system. He however, disclosed that government’s searchlight would soon beam towards the nation’s insurance sector to bring sanity to the industry in a manner similar to what is happening now in the banking sector.

Chairman of the Nigerian Economic Summit Group who chaired the occasion, Mazi Sam Ohuabunwa, noted that ‘’it is high time Nigerians began to rise up and contribute their meaningful quota towards the development of the nation’s economy’’, lamenting rather sarcastically, ‘’sometimes, we expect government to wake us up from our sleep and prepare our bed for us’’.

Ohuabunwa who is a member of the recently inaugurated Presidential Advisory Council commended the management of the nation’s leading investment banking institution, BGL Plc for the public presentation of its publications; BGL Financial Monitor: Gas Master Plan-Nigeria’s potential as a Regional Power Hub stymied; BGL Agriculture Report:

Bringing ‘’Cool’’ Back to Agriculture; BGL Banking Report; Getting banks to lend again; BGL Insurance Report; Promise Kept or Promise Deferred; and BGL Pension Report; Situating Nigeria in the Global Pension Industry.

The Minister of State for Petroleum, Ajumogobia, who launched the BGL Financial Monitor: Gas Master Plan, reiterated government’s determination to ensure availability and affordability of natural gas for domestic use. He said the present administration had invested in both infrastructural and framework platforms for a successful take off of the nation’s gas plants,

The Group Managing Director/CEO, BGL Plc, Albert Okumagba, in a brief synopsis of the reports, said ‘’at BGL, investment banking research underlies all aspects of our business. The quality, accuracy, precision and timeliness of our research are paramount and also play a vital role to our ability to effectively service our institutional and corporate clients’’

According to the BGL boss, ‘’our strengths, capability and core competences are in the areas of economic research, sectoral analysis as well as equities and fixed income research.

He however, disclosed that the company’s desire to continually strive to provide extensive and innovative research with a balanced approach to both country and sectors.

‘’as well as our intent to identify and analyze government policies, financial information, strategic issues and trends that affect companies, industries, sectors, and markets on a regional and global scale has formed the premise and basis of this publication launch’’.

He said the BGL banking report underlines and highlights a number of ideas that have been proposed to getting banks to lend again, which is crucial to our economic growth, stressing that also presented in the report is comprehensive analysis of 24 banks, in addition to regulatory interventions that had occurred in other parts of the world including USA, UK, EU and China.


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