A financial expert, Mr Rogers Nwoke, has advised the Federal Government to increase investments in the micro economy to ensure sustainable growth in the country’s Gross Domestic Product (GDP).
Nwoke, who is the National Association of Microfinance Banks (NAMB) President, made the call in an interview on Monday in Abuja.
He said that government must put in place more viable economic policies to exit the country from recession, adding that the government was already on the right track.
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“0.55 per cent is tiny; it just gives us hope that the direction is right, but we need to do a lot more in some of the key indicators that I have said.
“Development of the micro economy holds key to this, and a lot of investment should be directed to the micro economy; and micro-finance banks have a very strong role to play.
“Our biggest issues are liquidity. If we can look at how to make micro-finance banks very liquid, pump money into that sector.
“We appreciate the interventions that have been given, but interventions are just handouts, they do not solve the problem.
“If you look at the SME sector, the government says that there is a gap of about N9.6 trillion and how much money are we putting into that place.
“Lets redirect the flow of capital to the sectors that have a direct impact on the economic development of the country , if we do that, I think we are going to do a lot more,’’ Nwoke said.
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He expressed optimism that the parameters which led to the change in the direction of Nigeria’s economy would be sustained given the right push to ensure further growth.
“So it is good news, it is to ensure that we sustain it, that the direction is made steady and that it continues to look up. Within a short time, I think the economy will bounce back fully,’’ he added.
