Bankers’ Committee’ll promote financial literacy in schools —Abiru

The Group Managing Director/Chief Executive Officer, Skye Bank Plc, Mr. Tokunbo Abiru, says the Bankers’ Committee has agreed to continuously promote financial literacy among youths in the country.

Abiru, who spoke shortly after the 329th meeting of the Bankers’ Committee in Lagos, said members of the committee had collectively agreed to boost financial education across schools in the nation’s six geopolitical zones.

The meeting was held at the Central Bank of Nigeria’s head office in Lagos.

He said, “Part of what we discussed was the need to continuously improve on financial literacy. And one of the resolutions is for the entire industry to act as one, to play an active role in the forthcoming World Savings Day celebration on October 30.

“We suggested that at least 12 public schools will be taken up by each bank for this year’s event.”

Among other things the committee considered, according to the Skye Bank CEO, is the need to fund Small and Medium Enterprises.

“We also talked about Small and Medium Enterprises, general commerce, manufacturing, micro-finance bank and other banking-related products so as to create awareness as our nation gets older and stronger in banking services,” Abiru said.

Meanwhile, the Skye Bank CEO has charged entrepreneurs on the importance of capacity building to the success of their enterprise.

While speaking as a panelist in the ongoing Nigerian Economic Summit in Abuja, he emphasised the importance of capacity building in business success.

The panel discussion was tagged, ‘Driving SME growth for Made in Nigeria products and services’.

According to Abiru, business owners should seek to have contextual understanding of their business ideas by engaging in extensive research; and building managerial skills and capacity before approaching financial institutions for the required funding.

On the role of the Federal Government in the SME space, he explained that “in order to ensure the accelerated growth of the SMEs in Nigeria, government must play a frontal role in the provision of massive infrastructures like power, as well as roads to enhance movement of goods and services across the country to optimie national productivity.”

He noted that “the environment should be conducive for businesses to thrive.”

He added, “When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs; creating more jobs; improve quality of products and ultimately stimulating local consumption that impact the local economy.”

On the role of the SMEs towards the development of the economy, Abiru explained that there were currently over 17 million SMEs across all sectors of the Nigerian economy, contributing up to 60 million jobs and 48 per cent of the nation’s Gross Domestic Product.

“These enterprises serve as the vehicle for poverty alleviation through employment generation and improved living standards, bringing about substantial local capital formation, enhanced level of productivity and capability in the country.”