The Communique for 1st National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) that took place in Lagos on Wednesday August with the Theme: Promoting Synergy Between the Nigerian Banking Industry and Organised Private Sector (OPS).
According to the Communique issued at the end of the conference sent to The Ameh News (TAN) which was endorsed jointly by Mr. Rasheed Bolarinwa, the President, ACAMB for the Promoters and Dr Seye Awojobi, the Registrar/CEO, CIBN Partners sated that stated that the objectives of the Conference include; bridging the communication gaps between the two sectors, and creating mutually-beneficial avenues for deepening the Nigerian economy.
The statement further stated that the conference was broadly divided into three segments, namely: stakeholders’ presentations and speeches; panel discussion by leaders of thoughts, and general contributions by the audience. This approach brought out exhaustive discussions and interrogations of key issues around the roles and importance of banking and OPS, the constraints being faced by the sectors and the suggestions to improve the mutually-beneficial relationships between the sectors.
The report disclosed that presentations were made by the Presidents of the Chartered Institute of Bankers of Nigeria (CIBN); Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA); Manufacturers Association of Nigeria (MAN); Director Generals of Nigeria Employers Consultative Association (NECA) – the Secretariat of OPS; Nigeria Association of Small Scale Industrialists (NASSI), and the Central Bank of Nigeria (CBN). The Panel discussion was moderated by respected Economist, Dr ‘Biodun Adedipe and included experts from the CBN, NASSI, LCCI, NASME, MAN, NECA and NACCIMA.
*CONFERENCE KEY POINTS AND DECISIONS*:
1.Stakeholders collectively agreed on the importance of effective synergy and good working relationship between the banking industry and the organised private sector given the critical roles of the two sectors in overall national economic development.
2.The conference agreed to work with all stakeholders, going forward, to create a more effective financing structure that ensures increased accessibility to funding and governance of such inflows into the real sector.
- A consultative Committee of experts and stakeholders drawn from across the sectors and relevant agencies and institutions shall be constituted for continuing and enduring dialogue between the banking sector and the OPS in order to enhance funding and monitoring of the impact on the real sector. Both ACAMB and CIBN will work together on this joint action-body.
4.The OPS should take advantage of specialised development finance institutions created by government with active funding from CBN to access affordable funding.
5.The CBN is opened to suggestions and feedback on its programmes and banking operations from all stakeholders and the Apex Bank is ever willing to further collaborate in addressing the issue of effective funding of the OPS.
6.Both the banking sector and the OPS must put national interest uppermost in their business relationships and avoid deliberate acts of sabotage in the guise of transactions.
7.There is a need for fiscal policy measures to complement current funding initiatives by the banking industry in support of the real sector.
8.The more active and synergistic the relationship between banking and private sector, the more the growth and development of the national economy.
9.The CBN should increase foreign exchange allocation to the real sector by restoring the priority window and dedicated access for manufacturers while members of the OPS should repatriate forex to enable the Apex Bank sustain its Forex management.
10.In order to foster greater understanding and knowledge of operations of each sub-sector of the OPS, Deposit Money Banks (DMBs) should develop in-house expertise through dedicated desks and requisite professionals of key segments of the OPS.
11.ACAMB and CIBN should institutionalise the Conference initiative, and ensure that subsequent editions are all inclusive of critical players in the Nigerian Economy.