DFIs need creative approach to bridge financing gap – BoI MD
The Chairman of the Association of Nigerian Development Finance Institutions, Mr Olukayode Pitan, has said that DFIs need fresh ideas, creative approaches, and collaborative efforts to bridge financing gap, and drive transformative changes that Nigeria needs.
Pitan said this on Thursday in Abuja at the 3rd Association of Nigerian Development Finance Institutions’ annual general assembly, with the theme, ‘Innovative financing for developmental impact’.
The programme was attended by stakeholders in the development finance sector.
Pitan, who is the managing director of Bank of Industry, said as Nigeria is currently home to an estimated 200 million citizens, it was projected to experience the largest population growth in Africa by 2050 to about 400 million people.
He said as the country strived to achieve sustainable development goals and address global challenges, it had become increasingly clear that traditional financing models were inadequate.
Pitan said, “We need fresh ideas, creative approaches, and collaborative efforts to bridge the financing gap and drive the transformative changes our country desperately needs.
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“This is where innovative financing mechanisms that will complement traditional DFIs funding sources come to play. By utilising specialised funding arrangements complemented by non-financial services, we as DFIs are able to act as growth catalysts to the development of the Nigerian economy.”
He added that, As we all know, DFIs play a significant role in ensuring sustainable economic and social development. This is evident in developed and developing economies where DFIs are instrumental to their economic successes.
“Therefore, we must continuously work together, leveraging on our expertise, resources, and networks to unlock transformative projects by working in synergy with the organised private sector and our respective governments. Collectively, we can deliver the level of sustainable social and economic development that Africa needs.”
Speaking on the importance of international cooperation and solidarity in advancing innovative financing for developmental impacts, Pitan said developed countries could support developing countries by providing resources, technology transfer, and capacity building.
“Multilateral institutions therefore, have a critical role to play in coordinating efforts, mobilising resources and ensuring the effective implementation of innovative financing mechanisms,” he said.
