By Kingsley Alu, Abuja
The managing director, Bank of Industry (BoI) Mr Olukayode Pitan is seeking the support of other development financial institutions under the umbrella body of Association of Nigerian Development Finance Institutions (ANDFI) to boost the country’s pace of growth.
Pitan, who is also the chairman of the association said this yesterday during a meeting with chief executive officers of development finance institutions.
The association was inaugurated on October 15, 1982 with 15 foundational members.
It was created with the primary objective to create a forum for DFIs in Nigeria to discuss and exchange ideas on issues of common interests while providing a platform for members to cooperate in areas of investment, finance and capacity building.
Pitan told members that time has come for the association to play its role in creating a conducive atmosphere for operations of the DFIs towards achieving a sustainable real sector development.
While lamenting that the association has been quiet for the past seven years which is not good for the country’s financial institutions, Pitan called on members to be more involved in the activities of the association.
He said the existence of ANDFI is key to the growth of Nigerian economy.
The MD said the meeting is to strategise on how the association would meet once or twice in a year, while assuring them of an office space in the Abuja Bank of Industry building.
The space he said can sit a minimum of six staff including the secretariat.
Pitan said the Central Bank of Nigeria (CBN) has interest in ANDFI and wants it to play a very active role in the continental association.
He noted that South Africa provided chairman for AADFI before handing over to Botswana, East Africa and North Africa has been very active, while West Africa has witnessed less representation
This, he said, had made it imperative for Nigeria to play a vital role in ensuring good representation.
He added that Nigeria is quite active in Association of African Development Finance Institutions as the MD BOI is the alternate director.
He said, “It is therefore a good time to begin repositioning ANDFI for better collaborations with both local and international community.
“Repositioning of ANDFI has both local and International advantages hence the need for Nigeria to get involved,” he said.
He gave some of the benefits of the association to include to raise a common voice of DFIs to influence CBN circulars and guidelines and also other government policies for operational efficiency.
Others are to speak in one voice on matters of common interest and encourage mutual assistance and investment co-operation among the DFIs.