We need effective banking sector to drive industrial devt, says NACC

The President of the Nigerian-American Chamber of Commerce (NACC), Sheriff Balogun, said the banking sector is a pivotal player in driving sustainable economic and industrial development as well as financial inclusion.

Speaking at the chamber’s October breakfast meeting held in Lagos, he stated that the event equipped Nigerian and American businesses with insights and strategies for navigating the current economic landscape considering the opportunities currently available via digital banking.

Expressing excitement at what he termed positive outcomes from his first public external engagement, he said the current banking sector landscape can support Nigeria’s socio-economic reforms in new and innovative ways, especially with the emergence of new technologies that have disrupted the face of banking.

Executive Director of Fidelity Bank Plc and immediate past president of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, decried the fact that Nigeria is ranked low on the ease of doing business, 131 among 190 economies.

Regretting the country’s limited infrastructure and industrial development, he said to support socio-economic reforms, the banks must enable economic diversification, provide funding and financial services to industries, support MSMEs by deepening financial inclusion for them, finance infrastructure development and play a more vital role in the implementation of the Africa Continental Free Trade Agreement (AfCFTA) as well as the Africa Growth and Opportunity Act (AGOA).

“The ability to compete globally and attract investment from partners like the United States hinges on the strength of our financial institutions and the trust built with international investors. Bilateral trade relations between Nigeria and the U.S. present immense opportunities for growth, especially in the areas of agriculture, energy, technology and services. The Nigerian banking sector can act as a bridge, facilitating these investments while ensuring that they contribute to the country’s long-term socioeconomic objectives,” he said.

The Deputy President, Ehi Braimah, said the chamber would continue to be a model platform for business and socio-economic development for both countries, which has been demonstrated by its collaboration with Woodhall Capital, a global financial Advisory Firm in celebrating Mo Abudu, a creative entrepreneur.

CEO, Woodhall Capital, Moji Hunponu-Wusu, commended Abudu, whom she said is an inspiration to other women who aspire to the highest levels of economic and corporate success.

Acting Director-General, NACC, Wofai Samuel, stated that Nigeria’s banking sector has undergone significant transformations and the chamber seeks to review and understand how these transformations can support multi-national businesses, MSMEs and SMEs across the country, as well as U.S. businesses and companies operational in the country. “As the first and oldest bi-lateral chamber of commerce in West Africa, we prioritise the banking sector and financial institutions, which has been a critical lifeline of trade and commerce for our members.

Despite the current economic challenges, we want to deepen this relationship in order to improve trade and investments across board,” she said.