Access Bank plc has called on trade financiers, foreign banks and other international finance organisations to explore trade finance opportunities existing in agriculture, construction and power sectors of the Nigerian economy.
In his address at the annual Africa Trade and Export Finance conference co-sponsored by the bank in Lagos, Herbert Wigwe, group managing director, Access Bank plc, said though there were challenges in these sectors, the risks could be surmounted and returns enormous.
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Represented by the head, project and structured finance, Access Bank, Bola Bamidele, the bank’s boss said trade finance had grown in Nigeria but still presented huge opportunities for discerning investors.
Corroborating his view, Batchi Baldeh, senior vice president and head, power unit, Africa Finance Corporation (AFC), urged that financial institutions in Africa should use African funds to finance African projects, especially in the power sector.
According to him, there should also be government subsidy in sectors that are not cost effective to enable investors make reasonable returns on investments, as effective public private partnership should involve private and public sectors coming together to develop solutions.