By Cynthia AloAt the backdrop of a significant shortfall in private sector led credit, Yemisi Edun, Managing Director of First City Monument Bank (FCMB), has stated that the ongoing recapitalisation of Nigeria’s banks will help address this shortfall.
Domestic lending to the sector is currently just 13 percent of Gross Domestic Product (GDP), far below the global average.
Industry experts said this gap presents a major challenge to the country’s economic growth, especially compared to countries with trillion-dollar economies, where private sector lending typically hovers around 80 percent of GDP.
Speaking at the 17th Annual Banking and Finance Conference in Abuja, Edun stressed the need for increased private sector credit to fuel economic development, particularly for Small and Medium-sized Enterprises (SMEs).
She stated: “In the country, SMEs, which play a major role in employment and economic growth, are struggling with limited access to credit...
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