The President of the Association of Nigerian Development Finance Institutions, Mr. Olukayode Pitan, called for increased collaboration among development finance institutions to address some of the economic challenges facing the country.
Pitan, who is also chief executive of the Bank of Industry, said so during the opening session of the association’s second annual general meeting.
A statement said the event, which was attended by representatives from all of Nigeria’s DFIs, was themed “Innovative Financing for Sustainable Growth and Development”.
Pitan said it has become imperative for DFIs to increase the level of their intervention due to the fact that Nigeria is home to around 200 million people and is expected to experience a monumental population growth of around 400 million people by 2050.
He said that although there has been marked economic improvement over the years through various intervention programs and infrastructure investments, the World Bank in its projection this year said Nigeria would be home to 95.1 million poor.
Pitan said this meant that more efforts were needed in the area of poverty reduction, infrastructure and human capital development, agriculture and industry, among others.
He said: “The actions of each of us at this event will have a significant contribution to determining whether the growth of the Nigerian population will promote prosperity and improve the livelihoods of the Nigerian people or become a source of fragility, social tension and economic increase. difficulties.
“Nigerian DFIs have the potential to address these issues, working in synergy with the organized private sector as well as all three levels of government.
“Collectively, we can achieve the level of sustainable social and economic development that we desire. Nigeria presents a unique context for the development mandate of DFIs.
“Indeed, we are responsible for empowering various sectors and segments of the economy such as agriculture, industry, infrastructure, export and import, and mortgage.”
Giving an update on the ANDFI Secretariat, the President said that a new furnished workspace has been established at the Bank of Industry, Abuja head office, while staff members have been recruited.
He said staff members would execute the vision of the secretariat and provide regular updates as needed.
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