Sanwo-Olu tasks banking sector on innovative financing for the marginalised

Governor Babajide Sanwo-Olu of Lagos State has urged the banking sector to step up with new and innovative financing mechanisms and solutions, for the marginalised and vulnerable segments of society.

He also asked the bankers to support governments and public institutions as they work to build a world that is just, fair and equitable in all respects.
Sanwo-olu who spoke at the ongoing banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos said banks have a very significant role to play in the economic recovery “we would like to see”.

The Lagos State governor said recent data from the Central Bank indicates that it has disbursed more than 400 billion Naira to over 600,000 persons, as loan facilities to help households cope with the impact of the pandemic.

This, he said, was apart from the combined hundreds of billions dedicated to manufacturing, healthcare, aviation, and other critical sectors of the economy, as well as reduced interest rates and loan moratoriums.

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“I must specially commend the Central Bank for taking the lead in this regard, and for setting a good example for the entire industry”.

CACOVID, he said this was another very good example of what is possible when banks come together to support lives and livelihoods.

“The investments made in healthcare and in the distribution of palliatives early on in the pandemic helped make a difference, and I believe this contributed to Nigeria’s relatively early exit from the pandemic�induced recession ” he said.

The theme of the conference is Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance.

Welcoming the participants, Bayo William Olugbemi, President/Chairman of Council, CIBN,

The 14th edition of the Conference has in attendance over 10,000 participants across the diverse sectors of the economy with global representations to discuss elaborately the appropriate ways to propel the economy of the country forward and by extension, the continent of Africa.

This event, he said, aims to deliver the much-needed solutions that will drive economic recovery, inclusion, and transformation of our economy for greater value.

“Despite the obvious challenges faced by the economy, there are inherent opportunities to unleash the potential of our country and the entire continent of Africa,” he said.

Herbert Wigwe, group managing director/CEO, Access Bank Plc, appreciated the speakers and all the participants who graced the conference.

“Let me on behalf of the governing council of the CIBN and the entire banking industry express my most profound gratitude to his excellency the President of the Federal Republic of Nigeria, President Muhammadu Buhari, for making out time at this conference. Your presence here speaks to the unwavering commitment of the administration that is moved by the economic transformation of Nigeria and Africa as a whole,” Wigwe, who doubles as the Chairman, Body of Banks’ CEOs, said.