The ongoing economic challenges confronting the country provide opportunities for investment into the various segments of the economy.

Managing Director/Chief Executive Officer, Heritage Bank Plc, Mr. Ifie Sekibo stated this while speaking   at the Institute of Credit Administration (ICA) Credit Industry Awards in Lagos.

Speaking on ‘Credit Support to the Nigerian Corporate Market-The Heritage Bank Plc Experience’, Sekibo noted that while the economy has experienced various external and internal contractions in the last 15 months, the challenges come with opportunities for investment in various segments of the economy.

He noted that credit support to the corporate businesses is however necessary to translate into increased output and employment generation in the country, adding that, this is why banks have continued to lend to the economy despite the economic challenges in the country.

He said: “According to the CBN Q2, 2016 Economic Report, total credits to the private sector by the banking system was N21, 424.95 billion which represented a 13.5 per cent growth on a quarterly basis, compared with the growth of 0.9 per cent and 1.3 per cent at end-June 2016 and the end of the corresponding period of 2015, respectively. This shows that despite the challenging economic times, the banking system has continued to support business interest in Nigeria towards the growth of the economy.”

He disclosed that Heritage Bank on its part has supported corporate  businesses with credit support, adding that credit to this segment constitute 58  per cent of the bank’s total loan portfolio of N175 billion in 2015.