Stakeholders at the 2024 yearly lecture of the Chartered Institute of Bankers of Nigeria have called for the adoption of appropriate credit culture to pave the way for an enhanced loan securitisation process and availability of credit to the real sector.
A professor of international finance law, at University College, Graham Penn, said Nigeria must grow its secondary loan market to boost capital formation and grow the economy. “We need to build that foundation and it is only when the foundation is right and that foundation is not just only for the CBN to put out policies and regulations which we will do, but on the banking side and consumer side, this culture has to be established for a house like this to stand well for the benefit to accrue to the country,” he said.
A professor of economics at Babcock University, Segun Ajibola, said there is a need to constitute a committee that comprises bank CEOs, regulators, operators and the CIBN to access the entire gamut of credit securitisation and find ways of bridging the gaps in the process. Opara said the recapitalisation exercise would further empower banks to deepen access to credit to the productive sector and enable them to fund mega transactions.
He said the recently announced upward review of the Minimum Capital Requirements of Nigeria by the CBN would further empower banks to extend more credit to the economy’s productive sectors. The Nigeria Economic Summit Group said the Lagos Free Zone has the potential to contribute significantly to the country's gross domestic product if fully harnessed.
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