The chairman of the Association of Nigerian Development Finance Institutions, Mr Olukayode Pitan, has advocated for the use of creative ideas and collaboration by DFIs to overcome the financing gaps in addressing the economic transformation Nigeria needs.
He spoke at the third Association of Nigerian Development Finance Institutions’ Annual General Assembly in Abuja.
Mr Pitan, who is the managing director of Bank of Industry, said as the country strives to achieve sustainable development goals and address global challenges, the traditional financing models become inadequate.
“But by utilizing specialized funding arrangements complemented by non-financial services, DFIs are able to act as growth catalysts to the development of the Nigerian economy.”
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In doing so, he noted that challenges like specific market failures and institutional barriers preventing private investment from flowing to developing countries because of asset deterioration, weak corporate governance and risk management frameworks, and so on.
Using the Bank of Industry as an example, he recalled that over the years, the bank has successfully raised funds from the international capital market, which has allowed it to not only fill critical gaps and provide the necessary funding for transformative projects, but also exposed it to global best practices and innovative solutions that promote institutional development, and improve the effectiveness of developmental initiatives.
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