Abubakar Suleiman, the chief executive officer of Sterling Bank Plc, claimed that the current state of banking did not support what many would consider to be an affordable interest rate.
He shared the position at the unveiling of Made-by-Nigerians (MBN), a platform that aims at giving local companies access to the market and boosting confidence in their products.
The banker told entrepreneurs present at the event that interest rate is positively correlated with inflation and that as long as the latter remains high, there was little or nothing the banks could do to bring down the cost of borrowing.
To ease inflation, he argued, the country’s productive capacity would need to increase. Hence, he called on relevant stakeholders to work towards dealing with the supply-side bottlenecks and support the growth of local production. MBN, he said, was part of the efforts of the bank to support a productive local economy.
The platform is a community designed to showcase the best products and services made by Nigerians, both at home and in the diaspora.
The bank will hold a fair from December 23 to 24, 2022, to exhibit the best Nigerian-made goods that meet international standards. Interested and enthusiastic exhibitors and patrons could visit mbn.ng/tradefair to register for the fair.
Speaking on MBN at the unveiling, Chief Executive Officer of the bank, Suleiman, said participants should expect a blend of physical and virtual exhibitions, workshops, discounts, freebies, huge deals, games, refreshments and entertainment among others.
Sulieman described the two-day event as a great avenue for Nigerian businesses to showcase and promote their products on a global scale by connecting buyers, sellers and others in the supply chain in a fun and relaxed atmosphere.
He said the bank is supporting the fair because it is on a mission to promote brands owned by Nigerians to help them build capacity, grow their businesses, and transform the Nigerian economic climate.
“We are passionate about growing the economy, and we believe this is one of the ways to do it,” he said, disclosing that He disclosed that over 300 merchants have registered on the platform and are ready to serve buyers with products of the highest quality.
The CEO said the bank would support the businesses on the platform with access to professional services such as accounting, legal, and marketing, among others, in a bid to transform them from family-owned businesses into bankable entities that can attract professional employees, lending from banks, and new investors.
Notable Nigerian brands on MBN are Ero Craft, Tang Groo Food Company, Nord Motors, Zorkle, Spa Melori and Dang.
Suleiman said Nigerian brands are doing very well but that a lot of them would need marketing exposure and to overcome trust issues to break into the international market space. He observed that gaining the confidence of the local market is a necessary springboard to entering a more complicated global market.
MBN, he said, is about giving local entrepreneurs a foothold in the local market. He added that Sterling Bank was on a sustained journey with entrepreneurs willing to leverage the opportunity to launch into the marketplace.
