President Buhari commends Ecobank, seeks more support in Agriculture

President Muhammadu Buhari has commended Ecobank for the support it continues to give to agriculture and Small and Medium Enterprises (SMEs) sectors in the country.

He gave the commendation when the board of Ecobank Transnational Incorporated (ETI), led by its chairman, Emmanuel Ikhazoboh, paid him a courtesy visit recently, at the State House, Abuja.

The President said that Ecobank’s support would generate economic activities across the country and urged the bank to go a step further by instituting a special fund to develop agriculture, which will cement its legacy as a bank that helped to transform and boost regional economic activities.

The president told his visitors that his administration remained committed to the goals of securing the country, inclusive economic growth, and fighting corruption.

According to him, Nigeria was in a unique position as the most populous and resource-rich nation on the African continent, adding that the resources would be harnessed and properly managed, to engender a prosperous and peaceful country.

He described the poverty and insecurity in the country today as results of decades of neglect and resource mismanagement.

Ikazoboh who had in his delegation, the Group Chief Executive Officer, ETI, Ade Ayeyemi and Managing Director, Ecobank Nigeria, Patrick Akinwuntan, stated that Ecobank was according high priority to the SME sub-sector in the country and consequently has improved the capital of Ecobank in Nigeria.

“In the last six months, we have brought in about $150 million all to drive borrowings and supporting the small and medium enterprises,” Ikazoboh told the President.

Speaking to State House Correspondents on the challenges they want the President to intervene in, the bank chief said: “Well in our speech, we have told him some of the challenges Nigeria and Africa are facing. Like I said earlier on, if Nigeria is sorted out, Africa is sorted out, and some of these challenges are infrastructure, of which they are working on assiduously.

“Also, we are talking about the Seme Road because of West African trade route which we think should be given some priority. And to thank him also for the steps he is taking to clear the Apapa Port, because that is where trade is coming into Nigeria.”

Ikazoboh said the major problem confronting banks today are the debtors. “We have a number of debtors both corporate and individuals, and we need to put in place a framework to ensure that people do not just take loan and not pay pack.

“Banks are under pressure because if you have a lot of unpaid loans, it means you don’t have enough money to also support other borrowings or other small and medium enterprises,” he explained.

He said the visit to the President was to congratulate him on his re-election and to wish him God’s guidance and spiritual protection to continue to lead the nation.