The Managing Director of Heritage Bank Plc, Mr. Ifie Sekibo, on Tuesday charged deposit money banks in the country to do more in building a formidable economy driven on the wheel of Micro,Small and Medium Scale Enterprises (MSMEs) in view of lots of value-addition and opportunities in the SMEs sector.
Sekibo, was quoted in a statement issued by the bank’s Divisional Head, Corporate Communications, Fela Ibidapo, as giving the advice on the sidelines of the ongoing 11th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme – MSMEs: ‘The Game Changer for Economic Growth and Development’ – in Abuja.
The banker explained that as a way of cushioning the effect of capacity building and fund management, introduced the Micro Small and Medium Enterprises (MSME) Investment Protection Fund to assist the growth and rejuvenation of the sector.
According to him, Heritage Bank remains poised to collaborate with operators of MSMEs to grow them into generational conglomerates.
He stated that it was the desire of the bank for Nigerian businesses to be listed on the stock exchange and eventually become global brands and household names.
Sekibo, noted that surviving in the face of all odds as a business in Nigeria with the present economic situation would not be an easy feat, adding that tenacity remains key characteristic of a sustainable business.
According to him, notable businesses such as Quaker Oats and KFC went through trying times, overcame them, and are now global brands.
The banker said: “We believe that businesses like yours are the backbone of the economy because you create jobs and play a huge role in moving our country out of this present recession. I encourage you to rise up to this challenge facing every Nigerian entrepreneur and make our economy vibrant again.”
He restated Heritage Bank’s commitment to supporting operators in the MSMEs sector through brokerage of new deals and partnerships, adding that a contact today could lead to a business opportunity tomorrow.
According to him, the step will create a platform to propel a network of fast growing businesses and urged them to seize the opportunity, network with others as well as engage the bank’s SME consultants in their bid to build and develop sustainable businesses.
At the opening of the Conference, the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, who represented the Vice President, Prof. Yemi Osinbajo, said that it was no longer possible to achieve a robust growth trajectory as well as realise the much desired inclusive growth without proper attention to the MSMEs’ sub-sector of the economy.
He pointed out that sector not only contributed significantly to the economy but also served as an impetus for economic diversification.
Osinbajo, disclosed that government was currently working assiduously to put the country in its rightful place in the world economy, adding that this will be achieved through the provision of key physical infrastructure, technology and innovation as well as conducive atmosphere for small businesses to thrive.
In his welcome remarks, the President/Chairman of Council, CIBN, Uche Olowu, stressed that projected goals for African economies, particularly Nigeria, would remained unrealistic if challenges affecting the contribution of MSMEs to Gross Domestic Product (GDP) with the sector are not frontally tackled.
