I am aware, I know millions of Nigerians know and so I suppose that the CBN Governor, Sanusi Lamido Sanusi and all the CBN helmsmen who preceded him know that a large part of the success of nations in combating poverty and promoting sustained economic development lies in the huge support that they invest in genuine small and medium scale businesses. One time-tested means of sustaining economic development is the empowerment of small businesses by encouraging their formation, sustenance and growth. These businesses would in turn create the much needed employment which successive Nigerian Governments have either paid lip service to or clearly do not have any ideas as to how to go about generating (yours truly strongly suspects the latter since our leaders surround themselves with too many airheads).

The availability of financial resources forms a key ingredient in the drive to encourage small businesses to thrive to such extent that they become the pillars of the economy. In my opinion, the banks are the most important providers of such financial resources. I know, I know millions of Nigerians know and the CBN Governor, Sanusi Lamido Sanusi just showed us that he can, if the right policies are pursued, spearhead real economic development in this country.

Dear CBN Governor, encourage these banks to lend towards infrastructural development rather than just estate development of choice locations. It would make no sense to list the entire infrastructure that we need in this country as I guess we all know them by now. Dear CBN Governor, give these banks incentives to shift their thoughts towards investing in productive research work in Nigerian Universities rather than sponsor all sorts of reality and comedy shows in the country. Dear CBN Governor, push through policies that will cause Nigerian banks to lend to small and medium scale manufacturing industries as these have the potential to employ many more people than all the dubious securities and asset management companies that have sprung up with much the same speed as churches in Nigeria. Dear CBN Governor, I am aware, I know millions of Nigerians know and I suppose you know many more of these sectors of the Nigerian economy which can and will drive genuine Economic development, only if the right policies are pursued with adequate will.

Finally I say, dear CBN Governor, this is such a time as this country needs this change. I know and I know millions of Nigerians know that you cannot drive this change alone but you can initiate it. Let us not lose the momentum of the recent events in the banking sector, Sir. Drive these banks, within the ambit of your powers, to contribute genuinely towards sustained Economic Development in this country. Do these things Sir, and etch your name indelibly in the sands of time.  

Robot  # 1 | 15.09.2009 07:28

...Read the full article.

computa  # 2 | 17.09.2009 08:34

Good thought. I always thought that after consolidating the banks to make them big, big enough to be able to absorb more risk, that they will start taking more risk of lending to small businesses (lending to small business are considered more risky). Had there been a more targeted lending to very small businesses and individuals, i believe there will have been a noticeable improvement in the economy. But like everything about Nigeria, its not so much of the lack of program or policy, but a better articulation of one. of course since 1999 there has being this loan scheme aim for the small businesses but who are those that can qualify for this? I mean you need to show you have one million to be able to borrow one million or even less. but looking at it how many people can get into such program? Of course there are alot of infrastructure lacking that makes its easy to get loan, just like in the developed countries. the major one being identification, it will continue to hunt business and the way of doing business in Nigeria untill the govt step in to fix this. Think of being a bank, you make a loan to somebody and is not sure how to locate him/her if he/she decides to run away with it. this is the idea behind the huge collateral needed to get loan, which the govt can remove by developing a comprehensive database of nigerian that makes it easy to locate anyone in any part of the country and hard to run from one's past. It will help the economy the most if loans are targeted for the very small businesses, which creates over 80 percent of the jobs in the developed countries.