May 21 2009 at 16:00 GMT
The Afribank Group has rallied support the informal sector of the Nigerian economy. Sebastian Adigwe, Group Managing Director (GMD) of the Bank made this confirmation recently in Ikeja, Lagos Nigeria at the presentation of Auto Boss Diagnostic and Auto Repair Machines financed by Afribank Microfinance to the Nigeria Automobile Technicians Association (NATA).
This was contained in Release made available to Proshare NI by Lanre Alabi, Head, Corporate Affairs of the Bank.
Adigwe who was represented at the occasion by Henry Arogundade, Executive Director (ED) Operations & Information Technology (IT) of the Bank affirmed that the informal sector of the economy offers huge potentials which if harnessed can facilitate the movement of the country.
“AFRIBANK’s interest in developing the opportunities that are available in the informal sector was responsible for the establishment of Afribank Microfinance Bank in 2008 with a capital base of N2.0 billion. The firm has continued to offer assistance to individuals and group operators in the informal sector nationwide” he said.
Adigwe assured that the strengths of the nine (9) specialised subsidiaries of the Bank would be utilised to support the informal sector to make it achieve the level of success recorded in Singapore, India, China, Malaysia and other fast developing economies of the world.
He further affirmed that the informal sector in Nigeria; ranging from trading, hospitality, estate, manufacturing, service industry, importation and mining would receive required support which any member of the Afribank Group is positioned to offer.
Adigwe also advised that members of the informal sector should come forward like NATA for support. “The quest for poverty alleviation, job creation, rapid economic development and empowerment; are best addressed when the real sector, Small and Medium Scale Enterprises (SME’s) are promoted through private and public sector partnership” he said.
In the same vein, Micheal Ajayi Omonayin, National President of NATA, praised Afribank for empowering his members with “Auto boss” to offer quality service, attain higher heights and improve their economic wellbeing. “The equipment will expose them to a new technological realm and will enhance their skill and profession” he said.
‘God has used Afribank to uplift and motivate us, we will make effective use of the opportunity so that we can get more” Omonayin affirmed.