News

October 15, 2011

FG urges banks to brace up for agric revolution

VICE President Namadi Sambo yesterday urged Nigeria banks to avail themselves of the Federal Government’s renewed vigour to revolutionise the nation’s agriculture sector through partnership with relevant public agencies to reap maximum benefits.

The Vice President also said that the Federal Government is determined to partner with banks in its resolve to develop agricultural and the power sectors of the economy.

Sambo spoke when he granted audience to the Management Board of Wema Bank Plc led by its Chairman, Chief Sam Bolarinde.

He noted that the involvement of banks in the transformation agenda of the administration is appreciated as the financial problem is a global phenomenon.

According to him, “part of the transformation agenda is to see that we work with the private sector because when we talk about development, creation of jobs, etc, it is the private sector that would finance the real sector.

“I know very well that one of the major factors militating against the development of this country is the problem of infrastructure and corruption.”

The bank also has very high responsibility in supporting and addressing the issue of corruption so that this menace would be dealt with in this country and will allow growth”.

Sambo assured the bank of government’s support and provision of incentives as it plans to invest in the agricultural and power sectors.