President Muhammadu Buhari on Friday appealed to state governments to simplify the land ownership process in their states, to enable more Nigerians access bank facilities for affordable homes.

Buhari made the appeal when he received the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN), led by its chairman, Dr Uche Olowu, at the State House, Abuja.

The president expressed concern over challenges like land and other collateral related issues that hinder the banking industry’s ability to lend to the real sector.

As a government, we are also facing such challenges as part of our various affordable housing programmes, he said.

He commended the banking industry for increasing their lending in key job-creating areas like agriculture in the last four years. Moreover, he welcomed the industry‘s collaboration with the Central Bank of Nigeria (CBN) in this regard.

He noted that the partnership had been a “key anchor” to the food security programme of his administration.

We can only feed ourselves by deploying capital to the right areas. I implore the banking community to keep this trend up,  he said.

According to the president, the banking sector is critical to the economic development of any society.

Buhari said that he was proud that Nigeria has the most vibrant, creative and innovative banking sector in Africa.

“Nigerian bankers have not only proved themselves in Nigeria alone but across the entire continent and in other parts of the world.

I am proud when I visit African countries and see posters or branches of Nigerian banks. I will ask all your members to continue to be great ambassadors of Nigeria as you expand within Africa and beyond, he added.

In his remarks, Olowu expressed gratitude to the president for the plethora of interventions to drive inclusive growth through various initiatives in the country.

He particularly cited such initiatives to include Anchor Borrowers Programme, the Presidential Fertilizer Initiative and diligent progress in the Economic Recovery and Growth Plan among others.

Olowu declared the institute’s support for the current policy by the Federal Government to close Nigeria’s land borders.

He said the policy would protect and promote Made-in-Nigeria products as well as prevent the country from being used as a dumpsite for substandard products and other illicit cross border activities.

The institute’s chairman also raised topical issues affecting the Nigerian economy, especially the banking sector.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.