Expert Advocates Increased Funding For Agric, Infrastructure

The Chairman, Association of Nigerian Development Finance Institution, Mr Olukayode Pitan, has stated the need for increased collaboration among Development Finance Institutions (DFIs) to address the economic challenges facing the country.
Pitan, who is also the Managing Director of the Bank of Industry (BoI), said this at the opening session of the association’s second annual general assembly.
According to him,  it has become compelling for DFIs to increase the level of their interventions, as Nigeria is home to an estimated 200 million people.
He noted there had been marked economic improvement through the years from various intervention programmes and infrastructural investments, adding that World Bank in its projection this year said that Nigeria would be home to 95.1 million poor people.
Pitan said this, in essence, means that more efforts were required in poverty alleviation, infrastructure and human capital development, agriculture, industry, etc.
“Nigerian DFIs have the potential to address these issues working in synergy with the organised private sector as well as the three tiers of government.
“Collectively, we can deliver the level of sustainable social and economic development that we desire. Nigeria presents a unique context for the developmental mandate of DFIs.
“Indeed, we are charged with enabling various sectors and segments of the economy such as agriculture, industry, infrastructure, export and import, and mortgage”, he said.
The Chairman also charged members of the association to speak with one voice in order to influence government policies and matters of common interest to encourage mutual assistance and investment cooperation among members.
Also Speaking, the Managing Director, Uganda Development Bank Limited, Mrs Patricia Ojangole, said the agriculture sector accounts for 70 per cent of employment in Africa.
She said inspite of this, the continent is yet to take advantage of the huge opportunities in the sector.
Ojangole said that agriculture remains the strongest source of economic growth in Uganda and Africa at large as it had the potential to create employment, improve livelihood and social development.
She, however, noted that in spite of these potentials, the impact of the sector in terms of economic development had not been felt in the continent.
The event, which had in attendance representatives of all the DFIs in Nigeria, had as its theme: “Innovative Financing for Sustainable Growth and Development”.