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Osinbajo Urges Banks to Take on Transformative Projects

Admin 15-Sep-2021 Abuja_Report

The banking and finance sector has over the years played significant roles in the economy, but emerging challenges require that the sector takes on more transformative projects such as housing and renewable energy among others, in ways that significantly impact job creation and poverty reduction, says Vice President Yemi Osinbajo (SAN).

Prof. Osinbajo stated this on Tuesday in Abuja at the opening session of the 14th Annual Banking and Finance Conference themed, “Economic Recovery, Inclusion, and Transformation, the Role of Banking and Finance”.

President Muhammadu Buhari had earlier declared the conference opened and his Rwandan counterpart, Paul Kagame also delivered the keynote address.

In their separate remarks, Presidents Buhari and Kagame commended leaders in Nigeria’s banking and finance sector for their contributions to the development of Africa’s economy. President Buhari specifically urged the sector to support his administration’s efforts in job creation and poverty alleviation, listing some of government’s achievements in the areas.

According to Vice President Osinbajo in a statement by his spokesman, Laolu Akande, “it is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance in particular.”

He noted that a focus on how to finance housing is critical.

Referencing an African Development Bank (AfDB) survey, Prof. Osinbajo said, “the housing sector may support poverty reduction and inclusive growth in two general ways. First, housing construction contributes to economic output, creates employment, and generates a demand for materials and related services. Second, improved housing raises the standard of living of occupants.

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