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Mark Charges Banks to Make Access to Finance Easier for Entrepreneurs

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Senate President, David Mark, Monday urged operators in the banking sector to be lenient with the small and medium scale enterprises (SMEs) by scaling down the stringent conditions required to access finance in commercial banks.

Stressing that the small and medium scale enterprises form the backbone of many developing nations which had made great strides in the world, he said the harsh and unbearable terms which are normally handed down by banks to small businesses seeking support needs to be addressed.

Speaking in Abuja at the opening of the maiden National Seminar on Banking, Finance and Allied Matters for Legislators which was organised by the Chartered Institute of Bankers of Nigeria (CIBN), Mark said the legislature is prepared not only to promulgate laws to make the lofty initiatives in the banking sector a success but also to partner with the financial sector to "make our dreams for a better Nigeria a reality."

The senate president said:" A situation whereby immediate and massive returns on investments remains a priority of the banking industry while small and medium scale industries struggle for survival and by the harsh and unbearable terms handed down by the banks must be addressed at this seminar today."
Represented at the occasion by Senator Barnabas Gemade, Mark said the priority must be to provide an enabling environment for accelerated development of small scale industries powered by efficient and forward looking banking sector which would in the long run bring about enhanced inclusive growth in our economy.

According to him:"To the benefit of all , it will also not only provide a veritable means of livelihood for our restive youths in this country but also restore the much sort after stability and the security of lives and property that our beloved country so much desire this time."
He commended the CIBN for hosting the seminar on the heels of the just concluded World Economic Forum on Africa adding that the institute has "shown that it is ready to take the bull by the horn and we at the National Assembly are wholly behind them."

Also speaking at the occasion, acting Governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade said issues around growing unemployment, poverty, corruption, high rate of fraud, youth restiveness among others needed to be fixed in order to consolidate the gains so far recorded in the financial sector of the economy.
Represented by the CBN Deputy Governor, Corporate Services, Alhaji Suleiman Barau, Alade said there was need to embrace policies that would promote transparent fiscal operation and diversify the economy from oil as well as making it a net exporter of finished products.
Alade added: "These are the ultimate ingredients of attainment of social security in Nigeria. We must break away from the pasts to deliver a new Nigeria that the future generation would cherish and believe in."

Meanwhile, President, CIBN, Mr. Segun Aina said the seminar, themed "The Legislators and the Banking and Finance Sector: Partnering for Nigeria's Economic Growth and Development," was put together to brainstorm on matter of common interest that would ultimately contribute to the growth, development and stability of the country's banking and finance sector and economy in general.

Essentially, the banking sector is trying to woo the legislators in order to facilitate the passage of several finance related bills which is believed would make positive impact in the system.

Article Credit: Thisdaylive

Updated 5 Years ago

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