By Providence Eboh

Former Minister of Industry, Mrs Nike Akande has called for the support of banks and other key stakeholders in the Nigerian economy in helping the country achieve its goal of becoming a major player in the global financial landscape.

Speaking during the monthly Luncheon of the Academy for Entrepreneural Studies, AES, in Lagos, Akande, who is also Chairman, AES Excellence Club, called for concerted efforts by everyone in the realisation of the vision 20:2020 objective of the Federal Government.

She said that all hands must be ready to support the government in achieving it set goals and objectives.

She said, “We have positioned ourselves to believe that if the nation is to be placed on the lime light of sustained economic growth and development to meeting the objectives and targets of the vision 20:2020, then all hands must be ready to support the government for the realization of this dream.”

Akande further stated that focus should not only be concentrated on ensuring that the country becomes one of the top 20 most developed country in the world by 2020, but that emphasis should also be placed on ensuring that Nigeria becomes a major player in the 21st century global political arena.

To achieve this, she noted that the necessary programmes should be put in place to ensure that individuals who are passionate about the country come together to contribute meaningfully to the drive of a revolutionary course.

Also speaking, Dr. Ausbeth Ajagu, President, Governing Board, AES, emphasized the need for the banking sector to contribute meaningfully in strengthening the economy.

According to him, for every economy to be energetic, it needs to be empowered by the banking sector.

Speaking further, he said, “The banks are not there for just making profit, the principal reason for any banking sector in the economy is to reignite and energise the manufacturing sector so that the economy can develop.

“When the economy develops people will be gainfully be employed and crime rate will reduce, coming down to a very insignificant level.”

He lamented the high interest rate in the country, saying, “I do not see why other countries like Japan, Europe and America have single digit interest rate and Nigeria does not have just two digits but going to triple digit, is not acceptable.

“There are so many bad debt and people are not paying their loan because, come to think of it what kind of business can MSME’s do with 22%?. I call on the FG to prevail on the CBN to quickly do something on the Monetary Policy Rate, MPR, it is too high.”