Ecobank Transnational Incorporate (ETI) is optimistic that going forward into the next four years under President Muhammadu Buhari, the nation’s economy fortune can be revitalised with urgent de-congestion of the Lagos Apapa-ports.
The Ecobank Transnational Incorporate (ETI group boards led by the Group Chairman, Emmanuel Ikazoboh has made this known to Mr, President at the state house, Abuja. The Central Bank Governor, Godwin Emefiele was in attendance at the meeting.
The Group Chairman, Emmanuel Ikazoboh, CEO Ecobank, Ade Ayeyemi and Managing Director, Patrick Akinwuntan, urged President Buhari to decongest Apapa ports, address Apapa gridlock, and urgently rebuild transnational Lagos-Badagry-Seme road at the meeting. They described the port as the center of trade in west Africa.
The boards spoke with State House Correspondents on the challenges they want the President to intervene in noting that, “Well in our speech, we have told him some of the challenges Nigeria and Africa are facing. Like I said earlier on, if Nigeria is sorted out, Africa is sorted out, and some of these challenges are infrastructure, of which they are working on assiduously.
“Also we are talking about the Seme road because of West African trade route which we think should be given some priority. And to thank him also for the steps he is taking to clear the Apapa Port because that is where trade is coming into Nigeria.”
The bank chiefs added: “The major problem confronting the bank’s today are the debtors. We have a number of debtors both corporate and individuals, and we need to put in place a framework to ensure that people do not just take loan and not pay back. Banks are under pressure because if you have a lot of unpaid loans, it means you don’t have enough money to also support other borrowings or other small and medium enterprises.”
On what the bank was doing to support SMEs in the country, Ikazoboh said, “we have improved the capital of Ecobank in Nigeria. In the last six months, we have brought in about $150 million all to drive borrowings and supporting the small and medium enterprises.”
The Ecobank Group Chairman said the purpose of their visit was to “congratulate the President on his re-election and to wish him God’s guidance and spiritual protection to continue to lead this nation because we believe that he has the interest of the country at heart and if Nigeria succeeds, Africa has succeeded and being the leader of Nigeria, he is the leader of Africa. Since we are the Pan-African bank, we needed to come and see the leader of Africa.”
During the meeting Mr. President in his remarks noted that the problem and quagmire at the port will be a focus as resumes office for his second term, “We are aware and are working in all those areas, and by the grace of God, you will start seeing results during my second term in office”
And added that “If assets and resources available to Nigeria were properly managed, she would be prosperous and peaceful. But the poverty and insecurity we are experiencing today are results of decades of neglect and resource mismanagement.”
“we have made progress in agriculture and we need accessible special intervention schemes specifically designed for the sector.”
The President commended Ecobank for being active in promoting financial inclusion, noted that it is key to the government’s diversification agenda.
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