President Buhari
Sept. 15, 2021
President Muhammadu Buhari on Tuesday in Abuja said over 3.8 million hectares of farmland has been cultivated by smallholder farmers.
Speaking virtually at the opening ceremony of the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria, the President noted that the Central Bank of Nigeria through the Anchor Borrowers Programme had made more than 300 billion Naira available to over 3.1 million smallholder farmers of 21 different commodities including Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.
“It is on record that 80% of rice consumed in Nigeria is now produced locally.’’
To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion, managed by an independent infrastructure Fund Manager.
The President affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from Covid-19.
“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.
“I commend the financial services industry for its interventions and contributions towards the promotion of financial inclusion and literacy in our country. And more importantly, the roles played by the banks in fostering economic growth of the country.
“I am confident that the speakers that have been carefully selected to contribute to conference will share insights that will help individuals, businesses and governments at all levels make necessary adjustments and take the right steps towards our collective resolve to position Nigeria as one of the top economies in the world,’’ he added.
“This is cheery news and an indication that the efforts of this administration at repositioning the economy is paying off,’’ he said, urging bankers and financial institutions to leverage on the abundant business opportunities to grow the economy.
President Buhari implored financial institutions to play stronger role in making sure the Nigerian Small and Medium Enterprises were fit for purpose, with support in full implementation of “Agreement”.
“Indeed financial intermediary could not be any more relevant than at a time like this. We need you, the banks to drive value creation by developing new technologies, scaling payment infrastructure to serve the diversified economies expected to benefit from this Agreement,’’ the President noted.
He said technological innovation was also important in the modern business terrain, noting that most transactions now take place online given the advent of the “Internet of Things”.
“As we continue to progress towards the next frontiers of digitization, we must harness all opportunities while being mindful of the inherent risks. For example, the protection of data is now of utmost importance to provide users with more secure access to the online space.’’
President Buhari said the Covid-19 pandemic changed everything in the world, from interaction, work, communication to general lifestyle, noting that the epidemic also triggered new opportunities which helped to reshape the economy in the areas of digital transformation, trans-African trade, financial inclusion, security, workforce of the future, pharmaceutical, manufacturing, processing, supply, and logistics.
“As we look beyond the effects of the pandemic to the future, there are bountiful opportunities ahead of us. As you all may know, the African Continental Free Trade Area, of which Nigeria is subscribed, is not only an opportunity for the growth of trade but also the growth of Pan African businesses.
“It portends opportunities for our teeming youth population, the women, the creative industry, the digital economy, the financial services sector, agricultural value chain, commerce, industry, education and indeed every aspect of the economy as Nigerians will have unfettered access to the over 1.3billion consumer market,’’ he said.
The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.
In a goodwill message, President Paul Kagame of Republic of Rwanda said exploring new technology in the banking sector, with more focus on innovation, will enhance financial inclusion.
“The banking sector can lead the way in integration. Banking is about trust,’’ he said.
