The Managing Director of Infrastructure Bank, Mr Adeleke Oyinloye, has called on development finance institutes (DFIs) to increase their participation in the funding of the real sector of the Nigerian economy.
Oyinloye, who spoke in Lagos last week during his investiture as the Chairman, Association of Nigerian Development Finance Institutions (ANDFI), described DFIs as the engine of economic growth through the provision of long-term finance, expertise and skills.
He, however, said that the DFIs have not played this role as expected.
He therefore, stressed the need for a new advocacy for finance institutionsâ€™ sustainable participation in the real sector development and for government to appreciate their role.
â€œYou can see the fact that the real sector has not grown as expected. It might also be directly or indirectly traceable to DFIs. If we know our roles as DFIs, we will double and recommit ourselves, and might be able to impact on the development of the real sector. When members know and appreciate their mandates, they begin to articulate policies and structure themselves to meet the needs of developing the real sector,â€ Oyinloye said.
According to him, Nigeria is at a turning point which not only makes it imperative for DFIs to contribute their quota, but also for them to create an opportunity to redirect energy towards actualising set goals.
â€œThe tasks before us are enormous, but we must refocus ourselves towards achieving our collective and individual mandates. This will naturally give us a platform to further transform ANDFI into a key player to address issues concerning the real sector of the economy,â€™â€™ he said.
Oyinloye, said ANDFI would partner governments at all levels for development, and urged various statesâ€™ investment companies to seek membership and benefit from ANDFIsâ€™ coordinated development policy and project finance initiatives.
The new chairman, identified one of the challenges facing the association as the absence of internal cohesion for strong partnership with government. He therefore pledged to make ANDFI a strong voice in the development of the nationâ€™s real sector.
ANDFI comprises four development banks: Bank of Agriculture, Bank of Industry, Nigerian Export-Import Bank and Infrastructure Bank.