Bankers C’ttee to pursue import substitution through MSMEs

By Babajide Komolafe

LAGOS — The Bankers Committee has resolved to channel more funding to Micro Small and Medium Enterprises (MSMEs) sector to boost import substitution and diversification in the economy.

This decision was taken at the 2014 edition of the committee’s annual retreat held in Calabar, Cross River State.

The committee comprises Chief Executives of banks, Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

A statement issued after the retreat said: “Following the recent depreciation of the local currency, the committee sees the MSME sector as the next growth area in the economy provided it is given full attention and support.

“At the end of the deliberations, the committee resolved to massively channel resources in agriculture, power and MSME sectors of the economy. The aim of the renewed drive is to boost the country’s import substitution and diversification strategies.

“The committee expressed full conviction in the fact that the long term success of the banking sector lies in the growth of these sectors. It was noted that there is a skew in the distribution of credit facilities in the country as about 100 companies in the country account for more than 75 per cent of the loans which the banks offer in the country.”

The CBN Governor on assumption of office unveiled an agenda, which included focus and facilitating rapid growth in three key sectors of Power, Agriculture and the Micro, Small and Medium Enterprises (MSMEs).

- Culled from: http://www.vanguardngr.com