Nigeria Business & Finance Updates

LCCI advocates credit cost reduction for MSMEs

The Lagos Chamber of Commerce and Industry (LCCI) has urged Nigerian banks to ease the cost of credit for the Micro, Small and Medium Enterprises (MSMEs).

Speaking during Fidelity Bank’s special day at the 2019 Lagos International Trade Fair, the LCCI President, Babatunde Ruwase, explained that the theme ‘connecting businesses, creating value” is aimed at deepening the cooperation between the Organised Private Sector (OPS) and government in industrialisation for inclusive and sustainable growth.

Ruwase noted that the MSMEs represent the backbone of the Nigerian economy in terms of contribution to the GDP and job opportunities, adding that Fidelity Bank has carved a niche in that market as the bank was the first to go into the MSMEs market aggressively.

He then called on Nigerian banks to do more in terms of easing the cost of credit for the MSMEs sector.

His words: “There is no better time for the private sector to collaborate with government regarding the formation of the pro-market policy to enable us diversifying the productive base of the economy to key non-oil sectors, achieve industrialisation, attract private investment as well as creating a more enabling environment. We appreciate the bank’s participation and we believe more can be done to ease the cost of credit to the sector”.

Congratulating the Chamber for the splendid work done since its inception, the Managing Director, Fidelity Bank Plc, Nnamdi Okonkwo, stated that the LCCI has continued to provide an avenue for various trade groups and professionals to showcase new products, ideas as well as tapping into myriads of business opportunties.

Okonkwo who was represented by his Executive Director, Corporate Banking, Obaro Odeghe, disclosed that the bank would be conducting the first draw of its Get Alert in Million Promo (GAIM) Season 4 in which a total of N15 million would be doled out. The event ended with the bank presenting loyalty cash rewards of N500,000 and N150,000 to 10 beneficiaries of the FPSS account and school fees support holders.

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