Centre for the Promotion of Private Enterprise, CPPE, has commended the Central Bank of Nigeria, CBN, for successfully implementing the bank recapitalisation programme.
In a policy brief yesterday in Lagos, CPPE said 32 banks met the new capital requirements without disruptions or losses.
However, its Chief Executive Officer, Dr. Muda Yusuf, said the stronger capital base had yet to translate into sufficient support for the real economy.
He noted that private sector credit remained at about 17% of Gross Domestic Product, GDP, below regional and peer benchmarks, while consumer and Small and Medium-scale Enterprise, SME, lending levels were still low.
Yusuf said SMEs accounted for only about one per cent of total credit, in spite of their critical role in economic growth.
He also highlighted concerns over short-term lending and skewed credit allocation across sectors.
According to him, high interest rates and increased government borrowing continued to constrain credit expansion.
He called for policy measures to improve credit access and channel funding to productive sectors.
“The recapitalisation programme has strengthened the resilience and stability of the banking system, and the Central Bank of Nigeria deserves credit for a smooth and effective process.
“However, the real test lies in how well the banking system supports investment, enterprise, job creation and economic transformation.
“At this stage, the focus should shift from capital strength to economic impact. Nigeria needs not just stronger banks, but banks that deliver for the economy”, he said. NAN
At 74: Thanks For The Love, Prayers, Says Tinubu In Birthday Message To Nigerians
President Bola Tinubu yesterday expressed gratitude to Nigerians for the goodwill messages, prayers and support as he attains 74 years.
This is contained in a special message issued to express gratitude for the outpouring of support.
The message issued from the Presidential Villa, Abuja read this:
“Today, as clock another year on the journey of life, I’m filled with joy and gratitude for the opportunity to serve this great nation. I want to take this moment to thank Nigerians for their messages, show of love and prayers on the occasion of my 74th birthday. I thank all our citizens for their patriotism, solidarity and support for our administration.
“To those who have taken space in newspapers or paid for air time on radio and television to wish me well, thank you immensely.
“I must thank my wife, First Lady Oluremi Tinubu, for her kind and loving words. I also thank Vice President Kashim Shettima for all he said about me.
“Consistent with my tradition of marking my birthday in line with the mood of the nation, I resolved to observe this year’s birthday low-key.
“As I mark this special day, I am reminded of the challenges we’ve faced since we initiated our reforms. I’m glad that our sacrifices have not been in vain, as we can see a glimmer of light at the end of the tunnel, despite the temporary setback caused by the ongoing Middle East crisis.
“The credit for the positive outcomes we have achieved does not belong solely to me, our Renewed Hope team, or our government. We achieved the gains together.
“As we march towards the third anniversary of our administration, it is my deepest conviction that we shall succeed in building a brighter future for our citizens and future generations.
“We are determined to confront some of the challenges we face Today, and with your continued support, we shall overcome.
“Let us continue to work together to build a stronger, prosperous and more resilient nation that will make Nigeria the pride of Africa. Thank you all, and happy 74th birthday to me!”
