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Experts call on banks to fund infrastructure
Experts in the financial sector have called on banks across the country to support the government in funding infrastructure to create opportunities for economic recovery.
The president of Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, a finance and infrastructure specialist, Opuiyo Oforiokuma and other experts advised financial institutions at the 2022 fellowship investiture of the CIBN to come up with different ideas in a way to fund infrastructure in Nigeria.
Speaking at the event, Opara said the government cannot fund infrastructure development alone and urged the banks to get involved to develop the economy adding that there is a need to start talking about the potential strategies as financiers of infrastructure.
“It is near impossible to expect the government to foot the entire bill. The approach adopted by the government in tackling infrastructure challenges over the years has largely been through a combination of budgetary allocation augmented by foreign and domestic debts.
“This approach partly accounts for the continued rise in Nigeria’s debt profile resulting in increased cost of debt servicing to the country. In this regard, there are serious concerns that project financing mainly through debt is not sustainable in the long run.”
Opara said that the answer to bridging the infrastructure gap in Nigeria is to embrace fresh thinking and a new approach to unlocking the funding needed for viable infrastructure projects.
“A good place to start for the government is to have a good financial model and a strong regulatory platform, so that financial institutions can allocate money in public-private partnerships to fund infrastructure development.”
On his part, infrastructure specialist, Opuiyo Oforiokuma, said Infrastructure is critical to economic growth, social development and to the ease of doing business in developed and developing countries.
He noted that power supply is one of the biggest challenges Nigeria is facing currently and the pressure is on the country to invest more in renewable energy.
He advised financial institutions to invest in equity funds and subscribe to infrastructure bonds, as it is another way of financing infrastructure in the country.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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