Mr Olukayode Pitan, Chairman of the Association of Nigerian Development Finance Institutions, has advocated for enhanced collaboration among Development Finance Institutions (DFI) to address some of the country’s economic difficulties.
Pitan, who is also the managing director of the Bank of Industry (BoI), spoke at the association’s second annual general assembly’s opening session.
The event, which was attended by representatives from all Nigerian DFIs, was themed ‘Innovative funding for sustainable growth and development,’ according to a statement.
Due to Nigeria’s anticipated population of 200 million people and expected population expansion to almost 400 million people by the year 2050, Pitan stated it had become imperative for DFIs to enhance the degree of their intervention.
While there had been significant economic growth over the years as a result of different intervention programs and infrastructure improvements, he said the World Bank projected that Nigeria will have 95.1 million poor people this year.
This, according to Pitan, means that more work is needed in areas such as poverty reduction, infrastructure and human capital development, agriculture, and industry, among others.
He said, “The actions of all of us at this event shall have significant input on determining whether the growth of Nigeria’s population will promote prosperity and improve the livelihood of the Nigerian people or become a source of fragility, social tension, and increased economic hardships.
“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.”
Giving an update on the ANDFI secretariat, the chairman said a new and furnished workspace had been established at the Bank of Industry, Abuja corporate office, while members of staff had been recruited.
He said the members of staff would execute the vision of the secretariat and provide regular updates as required.