{"id":12121,"date":"2017-04-06T13:30:30","date_gmt":"2017-04-06T12:30:30","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12121"},"modified":"2017-04-06T13:30:30","modified_gmt":"2017-04-06T12:30:30","slug":"newly-established-development-bank-will-boost-nigerias-economy-eccima","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/newly-established-development-bank-will-boost-nigerias-economy-eccima\/","title":{"rendered":"Newly-established Development Bank will boost Nigeria\u2019s economy \u2013 ECCIMA"},"content":{"rendered":"

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) says the newly-established\u00a0 Development Bank of Nigeria will boost the real sector of Nigerian economy through long term funding.<\/p>\n

The President of ECCIMA, Rev. Ugochukwu Chime, made the statement while speaking with the News Agency of Nigeria (NAN) at the ongoing 2017 Enugu International Trade Fair.<\/p>\n

NAN reports \u00a0that aside appointing a new board and management, the Federal Government has given the bank an \u00a0initial capital base of one billion dollars.<\/p>\n

\u201cFor long, funding mismatch has been the bane of the real sector of our economy.<\/p>\n

\u201cUsing short term funds to finance long term projects is a disaster any day any time.<\/p>\n

\u201cIt is of essence that government policies in this direction, especially as it affects credit to Small and Medium Enterprises (SMEs), should be made to work better by using the business associations as buffer for members that are genuinely in need of credit facilities to expand their business operations,\u2019\u2019 he said.<\/p>\n

He also lauded the Federal Government for appointing board and top management of the bank, headed by Mr Tony Okpanachi.<\/p>

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Chime advocated a synergy between public and private sectors to eliminate factors affecting growth of SMEs, including \u00a0bureaucratic bottlenecks and extraneous regulations by government.<\/p>\n

\u201cSMEs remain the bedrock of our productivity and output towards reviving the economy and stabilizing it,\u2019\u2019 he said.<\/p>\n

According to him, the ongoing trade fair is in line with the Federal Government\u2019s diversification agenda as it provides a platform to showcase non-oil commodities with export potential.<\/p>\n

The chamber president said it provided an opportunity for local and foreign businesses to explore and access the commercially viable South-East market.<\/p>\n

The theme of the 28th<\/sup>\u00a0\u00a0fair is \u201cPromoting Nigeria\u2019s Industrial Sector and SMEs for Inclusive and Robust Economy\u201d.<\/p>\n

The fair will end on April 10.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) says the newly-established\u00a0 Development Bank of Nigeria will boost the real sector of Nigerian economy through long term funding. The President of ECCIMA, Rev. 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