The Association of Corporate Affairs Managers of Banks (ACAMB) has stressed the need for an active and synergistic relationship between the banking and private sector for economic growth and development.
ACAMB said this in a communique issued at the end of the first national stakeholders’ conference between the banking industry and the Organised Private Sector (OPS).
The communique issued in Lagos on Thursday was jointly signed by Mr. Rasheed Bolarinwa, the President, ACAMB for the promoters and Dr. Seye Awojobi, the Registrar/Chief Executive Officer Chartered Institute of Bankers of Nigeria (CIBN) for partners.
It stated that stakeholders collectively agreed on the importance of effective synergy and good working relationships between the banking industry and the OPS, given the critical roles of the two sectors in overall national economic development.
The conference agreed to work with all stakeholders, going forward, to create a more effective financing structure that would ensure increased access to funding in the real sector.
The communique said that a consultative committee of experts and stakeholders drawn from across the sectors and relevant agencies and institutions would be constituted for continuing and enduring dialogue between the banking sector and the OPS.
The statement said that the committee would enhance funding and monitoring of the impact on the real sector.
It added that ACAMB and the CIBN would work together on the joint action-body.
It urged the OPS to take advantage of specialised development finance institutions created by government with active funding from the CBN to access affordable funding.
It also said that the CBN was opened to suggestions and feedback on its programmes and banking operations from all stakeholders.
It added that the apex bank was ever willing to further collaborate in addressing the issue of effective funding of the OPS.
The communique advised the banking sector and the OPS to put national interest uppermost in their business relationships and avoid deliberate acts of sabotage in the guise of transactions.
It noted that there was a need for fiscal policy measures to complement current funding initiatives by the banking industry in support of the real sector.
“The CBN should increase foreign exchange allocation to the real sector by restoring the priority window and dedicated access for manufacturers while members of the OPS should repatriate foreign exchange to enable the apex bank to sustain forex management.
“In order to foster greater understanding and knowledge of operations of each sub-sector of the OPS, Deposit Money Banks (DMBs) should develop in-house expertise through dedicated desks and requisite professionals of key segments of the OPS.
“ACAMB and CIBN should institutionalize the conference initiative, and ensure that subsequent editions are all inclusive of critical players in the Nigerian economy,” it said.
