WRITTEN BY CHIBUZOR OKOYE
Basic infrastructure, Efficient, Robust and secured lending framework have been described as indices for availability of credit to consumers and small scale businesses in the country
These were the views of discussants at a workshop for financial literacy organized by the international financial corporation in collaboration with the Central Bank of Nigeria in Onitsha.
The workshop was well attended by financial experts, deposit and Micro-finance banks, the organized private sector among others.
Delivering a lecture at the event, the head of research, Central Bank of Nigeria Mr. Musa Olasupo who revealed that Nigeria is ranked one hundred and sixty-ninth out of one hundred and eighty nine countries that have favourable business climate, said that about thirty seven million small and medium scale enterprises were operational in Nigeria and urged banks to direct their lending to most of the SME’s rather than already established individuals for creation of job opportunities and stimulating the economy.
The Registrar, National Collateral Registry of Nigeria Mr. Mainasara Muhammed which is an online centralized database that allows financial services providers to register security interests in movable property, thereby facilitating lending to individuals, farmers, micro-entrepreneurs and small and medium scale businesses which was set up by the Federal government noted that it will be counter-productive for any responsible government to ignore the services of the SME’s.
In another paper presentation, the Executive Secretary Credit Bureau Association of Nigeria Mrs Onome Ako said the association was established to promote the credit reporting culture towards the expansion of Nigeria’s economy, enhance the use of credit information and access to finance.
In their separate speeches, the President Onitsha Chamber of Commerce pharmacist Uche Apakama and the state chairman small and medium enterprises association of Nigeria SMEDAN Mr. Theo Nnorom described the workshop as timely in the face of the current economic recession in Nigeria and called for a harmonious synergy between the lender and the borrower for enhanced economic growth.
The event featured a question and answer session.