Business
Dean Tasks Banks On Financial Innovations

The Dean, Faculty of Social Sciences of Ignatius Ajuru University of Education (IAUE), Rumuolumeni, Port Harcourt, Prof. Alafuro Enos Epelle has called on banks to come up with financial innovations that will facilitate the recovery of the nation’s economy.
Epelle who made the call in Opobo Town in an interview with The Tide on the state of development in Nigeria, said that banks must pursue vigorously the new innovation regarded as solution to the finance sector growth.
According to him, the focus on economic recovery by banks is timely, giving the sustained external headwinds the nation is grappling with triggered by several factors, such as decline in the price of crude oil.
He explained that with over 90 per cent of Nigeria’s export revenues accruing from the sale of crude oil, the drop in its prices along with the end of qualitative easing programme in the United States has led to huge negative impact on the economy, particularly on the foreign exchange market”, he said.
He chartged banks to take their roles in the quest to revive the ailing economy sincerely.
The University teacher also called for drastic change of orientation and support for policy formulation that are aimed at achieving the overall goal of reviving the economy. “We must innovate now, because there is no option to staying out of the recession. We must get it right also”.
Epelle maintained that the banking sector has major role to play in the survival of other sectors, appealing overall best policies should be given due consideration by government with a view to serving as guide in policy formulation and implementation.
Bethel Sam Toby