Bank of Industry yesterday organised a quarterly customers’ networking forum for the South West Region in Osogbo.
The aim of the forum, according to the Divisional Head (SME-South), Mr Abdul-Ganiyu Mohammed,is to create a proactive path and direction for small business owners and entrepreneurs. He said the bank, by its mandate, had positioned itself to firmly entrench viable economic activities in Nigeria, to strengthen the macro and micro economies.
Mohammed said the forum remained a conscious drive on the part of the bank to grow and develop the real sector of the economy. According to him, the pattern and quality of interactions among participants will proffer reliable solutions to array of challenges that are confronting investors. He, however, urged participants to take the advantage of the interaction and improve on their business strategies and as well increase their business margin.
Meanwhile, the speaker at the first discussion session, Mr Promise George, who spoke on “Macroeconomic and Sectoral Review: Implications for Business’’, said there was need for thorough review of Nigerian monetary and fiscal policy. George described the exchange rate as the only macro-economic variables with “greatest adverse effect “on the economy.
He explained that an unfavourable exchange rate would definitely provoke galloping inflation and by extension, bring about high rate of unemployment, which drastically diminished the Gross Domestic Product GDP. The speaker emphasised the indispensable status of energy in the quest for sustainable investment drive, saying government should subsidise diesel rather than petrol.
Also, in his speech, Mr Joy Akinlolu, who spoke on: “Thriving in the face of the Present Microeconomic challenges, admonished entrepreneurs to find out what their competitors awere lacking and quickly male provision for it. Akinlolu maintained that the satisfactory knowledge about the business strength of competitors would make it possible for an investor to increase the number of his customers as well as profit margin without stress. He counseled investors to avoid “ceremonial advertisements” and be “real” in publicity. NAN

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