The President of the Dangote Group, Aliko Dangote, says the availability of consumer credit facility is an important option in fighting corruption in the country.
Mr Dangote said this on Saturday in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.
He said that the Central Bank of Nigeria (CBN) and commercial banks should develop consumer credit products to encourage low-income earners to engage in loan taking.
He also identified a lack of policy implementation as the biggest challenge in the country.
“How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.
“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.
“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?
Also speaking, the Chairman of Zenith Bank Plc, Jim Ovia, noted that government policies had supported the production of petroleum, cement and fertilizers.
Mr Ovia commended the government on broadband penetration in the country, saying it had boosted banking activities.
He supported Dangote on the need for consumer credit and said banks were doing their best on it.
Mr Ovia, however. noted that the process had been slow because of the challenges associated with people given accurate data for Know-Your Customers (KYC) process.
Also, the former Managing Director of Stanbic IBTC, Peterside Atedo, urged the CBN to continue with the effort taken in reducing inflation rate from 18 per cent to as low as 11.37 per cent as at April 2019.
Mr Peterside said the CBN should use the same pace to bring the country’s inflation rate to a single digit.