The Managing Director/CEO of Heritage Bank Plc, Ifie Sekibo, has called on governments to provide enabling policies that would support private sector interventions to achieve the vision of infrastructural development.
He made this submission at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards with the theme: “Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy,” held weekend in Lagos.
Sekibo who was represented by Olusegun Akanji, Divisional Head, Strategy and Business Solutions, argued that the government cannot solve the country’s infrastructure challenges, noting that it is the private sector that will deliver the solution.
According to him, the government can only provide enabling policies that will support private sector interventions.
“We need the global private sector intervention to help us achieve a vision of infrastructural development,” he said.
He noted that until the country developed an identity management system that delivers value to the citizenry, SMEs will continue to grapple with financing challenges.
He explained that though the banking industry has financed a lot of SMEs in terms of count, that it is the sector that has the largest numbers of bad loans and frauds in terms of count.