Heritage Bank’s MD Sekibo harps on SMEs priority to lift Nigerian economy
Managing director and chief executive officer of Heritage Bank Plc, Ifie Sekibo has stressed the need to prioritize small and medium enterprises and entrepreneurship in Nigeria as a quick fix for the economy of the country.
He also stated that bridging the gap to attain sustainable solutions to economic recovery will be the most impactful route to driving lasting and meaningful growth.
For this to be achieved, he recommended creation of opportunities, conscious inclusion of Small and Medium Enterprises and youth entrepreneurship.
Sekibo gave this submissions on the sideline of the recently held 14th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) with a theme: “Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance.
He said one of the key areas where government, financial institutions and other stakeholders can move this nation from poverty to prosperity is through conscious creation of viable environment for small businesses and young entrepreneurs to thrive.
He said this is imperative because they are the backbone of local economies around the world, adding that small and medium businesses happen to be the biggest employers, job creators and contributors of the national gross domestic products.
“We cannot talk about moving from poverty to prosperity without taking SMEs very seriously in this country.
“We must support the SMEs sector reform through providing infrastructure, providing loans to farmers and ensuring interest rate loans is single digit,” he affirmed.
Sekibo who was represented at the conference by the regional head Abuja-1, Daniel Oniko, stated that giving SMEs and young entrepreneurs leverage to contribute immensely to the development of their host community through engaging the youths and unemployed individuals will bring about and facilitate economic recovery.
He emphasized that the role of SMEs in creating and sustaining national development in relation to job creation has been considered a key tool in modern-day poverty alleviation, economic emancipation, and total well-being.
The cited that one of Heritage Bank’s major cardinal point as a bank is supporting micro, small and medium scale businesses and the lender’s strong desire to see young men and women succeed in any area of their business.
He added that this will help the society and economy to grow, thereby moving the nation from poverty to prosperity.
He further noted that Heritage Bank was taking the lead through various initiatives such as its youth entrepreneurship development programmes which were aimed at increasing the contributions of the MSME segment to the economy.
He further explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).
Speaking earlier, the vice president Yemi Osinbajo, said emerging challenges require that the banking and finance sector takes on more transformative projects such as housing and renewable energy.
The VP acknowledged that the banking and finance sector has over the years played significant roles in the nation’s economic development.
According to the Vice President, “it is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance.”
In his goodwill message, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele stated that the banking sector remained well positioned to support the recovery efforts of the monetary and fiscal authorities.
“Clearly, Nigeria’s banks have become not only strong and resilient but have also carved a good niche in the world to consolidate on the growth and resilience of the banks in the last decades”, he added.