President Muhammadu Buhari has commended Nigerian banks, describing them as the most vibrant, creative and innovative sector in Africa. He commended the industry’s collaboration with the Central Bank of Nigeria (CBN), which has been a key anchor to his government’s food security programme. He therefore urged the state governments to help address the issues by simplifying land acquisition matters, and promised to look into the other concerns of the industry. According to Olowu, the establishment of the bank would provide a platform for all strategic stakeholders in the education sector to access short to long term loans at single-digit interest. The Institute expressed concern on the erroneous public impression that banks are making huge profits at the expense of other sectors of the economy without any empirical evidence.

Source: The Guardian December 27, 2019 03:56 UTC