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AMCON Boss Lauds CBN for Compelling Banks to Lend to Real Sector

The Managing Director of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has commended the decision of the Central Bank of Nigeria (CBN) to take necessary measures to compel commercial banks to lend to the real sector for economic growth and stability.

Kuru, stated recently in Lagos at the Institute of Directors (IoD) 2018 Fellows’ Luncheon with the theme: ‘Determinants of Growth in Transition Economies’ that the CBN was putting a lot of measures in place to ensure that things are stabilised, pointing out that no economy can survive without lending and supporting the real sector.

He also stated that lending to the sector would help drive investment and growth, noting that the key determinants of growth in any economy are good governance and human capital. Effective leadership that is driven by governance ensures that things are done as expected, he stressed.

The AMCON boss stressed the need for policy consistency and sustainability in the economy, further adding that four years is too short to transform the economy. He therefore called on Nigerians to support the administration of President Muhammadu Buhari in repositioning the economy, stating, “we need to be interested in leadership and governance.”

Kuru further stated that countries that have made sustained progress invested heavily in enhancing the stock of skills of its labour force by prioritising early childhood quality education, training and provision of health care, “investing in human capital raises productivity of workers due to upgraded skills and better education, empowers them with capacity for new ideas and innovations.”

Earlier in his remarks, Chairman of Council, Institute of Directors Nigeria, Alhaji Ahmed Mohammed, said the institute will continue to advocate for the entrenchment of good corporate governance in workplaces and encourage the application of best practices in the management of resources both in public and private sectors.

Mohammed also stated that they remain determined to create a forum where a fellow of the Institute or other distinguished speakers would be invited to deliver a lecture on a contemporary issue affecting the economy, with a view to stimulate discussions on viable solutions for our challenging environment and assist our policy makers.

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