Chief executive officers of Nigerian banks and financial experts have enumerated measures and policies that the government should implement in order to achieve irreversible recovery and inclusive growth as the country had a perfect ‘V shaped’ recession in 2020.
In a joint communiqué issued at the recently concluded one- day Special Summit on the economy hosted by CBN/Bankers Committee’s in collaboration with Vanguard Newspapers, the participants agreed that the country should explore agriculture and agro allied businesses as a booster top economic growth.
It was agreed that Nigeria should manage seasonality, minimise food wastage and ensure price stability by investing in storage facilities for agro products, particularly for export, explore shared infrastructure of processing facilities for agro activities. The commodity exchange initiative should be strengthened to link all vital value chains of the agro ecosystem and stakeholders (e.g. warehouse operators, aggregators, processors, testing and certification institutions.)
In terms of funding the telecoms and oil and gas sectors, participants agreed that commercial banks should provide funding for training and skills acquisition and information and communication technology to promote the digital economy and increase returns to investors.
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In the communiqué it was agreed that banks should partner with State Governments in funding infrastructure particularly in deploying broadband access in schools , commercial centres and important socio economic institutions.
Other resolutions and recommendations at the Summit include harnessing economic potentials through integrated rural development; road to sustainable infrastructure development and the empowering the people through retail lending.
It was agreed that government should provide enabling, stable operating environment for banks to , adding that it should also intensify implementation identity management to deepen retail lending and reduce the cost of operations for banks and provide adequate infrastructure to enable more efficient retail lending by banks.