The Group Managing Director of Skye Bank, Mr. Tokunbo Abiru, has encouraged Nigerians to patronise made-in-Nigeria goods as one of the ways to reflate the economy and save the nation from the present recession with its attendant challenges.
Mr. Abiru spoke while delivering a paper at the Made-in-Nigeria Summit titled: Empowering the Made in Nigeria (MAIN) Economy: Fostering Innovation and Leveraging Entrepreneurship which is holding at Eko Atlantic City, Victoria Island, Lagos schedule for between September 26 and October 1.
Mr. Abiru stressed the need for Nigerians to patronise made-in-Nigeria goods and services as a way out of the present recession.
He said: “This will help to boost local production, create more employment thereby prevent capital flight, which will eventually lead to the export of goods made-in-Nigeria to other countries and earn foreign exchange.
“When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs; create more jobs; improve quality of products and ultimately stimulate local consumption that impact the local economy.
“When the local small medium enterprises (SMEs) are empowered through enhanced patronage of products and services, it enables such players to meet their obligations to the larger society – through payment of taxes, sourcing raw materials, contributing to the growth of linkages and providing job opportunities for skilled and unskilled labour.”
Over the past five years, MSMEs’ contribution to the gross domestic product (GDP) has grown steadily at a compound annual growth rate of 3.51 per cent to 51 percent in 2014.
Renowned rating agency, Agusto & Co estimates that MSMEs will account for around 56 per cent of GDP by this year, largely due to the growth in wholesale and retail trade MSMEs.
Mr Abiru used the occasion to share with the participants the bank’s contribution in the area of innovation and support to entrepreneurship.
He noted that in a bid to support its customers in exploring the opportunities of the e-commerce age, Skye Bank currently has an e-commerce portal called Yes Mall. The portal provides free business enrolment platform for entrepreneurs to showcase their products to an online community which they ordinarily would not have reached. He stated that the testimonials from beneficiaries of the platform has been encouraging as the bank provides immense online shopping experience covering products and services.
Other dignitaries at the event are Minister of Works, Power and Housing, Mr. Babatunde Fashola, Director, Sahel Capital, Ndidi Nwuneli, President of the Nigerian/British Chamber of Commerce, Prince Dapo Adelegan, Executive Vice Chairman, Sahara Energy, Mr. Tonye Cole, among other panelists.
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