'Industrialization key to attaining sustainable growth, prosperity'

Abiodun Durowoju, Managing Director and Chief Executive Officer of the newly opened Redeemer’s University Microfinance Bank Limited in Ede, Osun State, has identified factors and potentials for rapid economic growth and prosperity in Nigeria if the Government addressed key issues with urgency.

Durowoju specifically stressed the importance of industrialization in creating opportunities for sustainable growth and prosperity in the Country.

Speaking at the Grand opening of RUN Microfinance Bank LTD, Durowoju highlighted the role of specialists in formulating strategies to solve the Country’s challenges and underscored the importance of industrialization in fostering growth and employment.

Drawing attention to developed nations, he stressed that industrialization is a proven path to success.

He pointed to the Ajaokuta Steel Mill as an example of a neglected opportunity, emphasizing the need for the Government to revive existing projects or invest in new ones to stimulate industrial growth.

This approach, he argued, would create a favourable environment for skilled professionals to thrive and promote sustainable economic development.

Durowoju further criticized the widespread prevalence of under-employment and the lack of support for skilled workers in Nigeria, urging the Government to shift its focus from providing temporary relief measures to creating long-term job opportunities that allow individuals to utilize their expertise effectively.

With many highly educated individuals resorting to low-skilled jobs such as okada (motorcycle taxi) driving, Durowoju emphasized that the government must prioritize policies that encourage the use of local talent and expertise.

Also speaking, Daniel Ogun, Chairman, Board of Directors, RUN Microfinance Bank, emphasized the crucial role microfinance banks play in driving government interventions to citizens.

Ogun stressed that channelling government support through microfinance banks is the most effective way to reach the grassroots, citing the challenges faced by initiatives like Trader Moni, which failed to achieve optimal impact due to bypassing microfinance banks.

“Microfinance banks are closest to the grassroots, enabling them to monitor loan recollection and ensure interventions reach intended beneficiaries,” Ogun explained.

He advocated for Government interventions to be tailored through microfinance banks, citing their expertise in reaching rural communities, providing financial inclusion, supporting small businesses and manufacturers and enhancing loan recovery.

Shadrack Olufemi Akindele, Professor and Vice-Chancellor, Redeemer’s University said the Bank is more than just a financial institution, but it is a hub for financial education, innovation and empowerment.

He said, “It is a beacon of hope, offering students, staff, and local residents unprecedented opportunities for growth and prosperity.”