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Execution, consistency of ERGP to engender growth – Stanbic


Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has said that with diligent execution and policy consistency, the Economic Recovery and Growth Plan (ERGP) has the capacity to steer the country towards full economic recovery and sustainable growth and development.

ERGP was unveiled in April this year as a short-to-long term (2017 – 2020) blueprint to lift the country out of recession and unto the path of inclusive growth and development.

Key goals of the blueprint include macroeconomic stability, incremental improvements in national productivity and sustainable diversification of production in such areas as agriculture, energy and medium and small enterprises, as well as manufacturing and services.

The attainment of these goals underscored the theme of the 23rd Nigerian Economic Summit in Abuja – “Opportunities, Productivity and Employment.”

Speaking on the sidelines of the Summit, Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, stated that practically every sector of the Nigerian economy is endowed with huge potential, which, when adequately harnessed would trigger exponential development of the country.

By empowering enterprises, big and small, opportunities are unlocked that leads to enhanced productivity levels and subsequent creation of employment for the people, he added.

Sanni said though Nigerian enterprises are buffeted by a myriad of challenges, with a conducive operating environment, banks can assist in reversing this trend by providing critical support across the SME value chain, which would enable the sector play its foundational role in economic development.

SMEs in Nigeria, he added, are constrained in three main areas namely, management, finance and business environment.

In the area of management are issues such as skills shortage, management expertise, financial management, business support and access to markets, while in the area of finance, they are confronted by cost of capital, lack of collateral, information requirements, regulation impact and culture clash.

Under business environment are such challenges as poor infrastructure, energy problems, taxing regimes, red tape, transport costs and economic uncertainty. These are constraints that can be tackled through appropriate policies and strategies, Sanni said.

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Ihesiulo Grace

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