A former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has called for the establishment of a “Bank for Women” to support women entrepreneurial endeavours in the country.
Moghalu, who made the call at the Chartered Institute of Bankers of Nigeria (CIBN) 2018 Annual Lecture on Friday in Lagos, said that currently, about 46.6 per cent of Nigerian women lacked access to financial services, in spite of their productive capacity to add value to the economy
While speaking on the theme of the lecture titled ‘Of Banks and Bankers: Finance and the Challenge of Economic Development in Nigeria’, the banking expert and presidential aspirant appealed to the monetary authorities to consider the licensing of the bank to promote wealth creation among women nationwide.
On the risks of non-performing loans to the nation’s financial stability, the former CBN chief, pointed out that the efforts by the CBN to buy non-performing loans and aid financial stability with the AMCON vehicle had proved unsuccessful.
Harping further on the role of women in development, Moghalu, who flawed the urban-centric structure of loan disbursements in the banking sector, said that with the exclusion of women in rural communities in banks’ credit no economy can sustain inclusive growth under such circumstance.
In his speech at the forum, the President of the CIBN, Mr Uche Oluwu, noted that despite exiting economic recession last year after five consecutive contractions, Nigeria was still faced serious economic challenges.
He explained: “These gaps, according to the National Bureau of Statistics’ report on macro-economic indicator, revealed that unemployment rose steadily to 18.8 per cent in third the quarter of 2017 from 13.9 per cent in the third quarter of 2016.
“Infrastructural deficits and alarming low literacy rates, are pointers to deep deficient human capacity development among others, plaguing the great nation.”
Oluwu, who asked the banks to sustain their support to Micro, Small & Medium Sized Enterprises (MSMEs), charged them to play significant roles in allocating resources for infrastructure development.
“However, I plead with our banks to be resolute in supporting MSMEs across various productive sectors of the economy and the adjoining value chains”, he said