Lagos accounting for 70% of credit in Nigeria unacceptable – Moghalu

Prof Kingsley Moghalu, a former Deputy Governor of Central Bank of Nigeria (CBN), says Lagos accounting for 70 per cent of credit facilities in Nigeria is unacceptable.

He said this could not be a model of sustainable finance.

Moghalu said this in Lagos on Wednesday in his keynote address at the Africonomie’s “Investing Impact Capital in Nigeria” 2019 conference.

Moghalu, who was the presidential candidate of the Young People Party (YPP) during 2019 General Elections, said that there were pathways to sustainability in achieving inclusive access to finance that could help lift millions out of extreme poverty.

He said that as a presidential candidate in the 2019 general elections, he proposed the creation of a N1 trillion that would give equity capital to unemployed, youths and women to create thousands of new business ventures.

Moghalu said that SMEs represented 96 per cent of all businesses in Nigeria that had very positive impact on the economy.

He said that doing business in Nigeria needed a lot of work, but “foundational inconsistencies” kept stifling the business environment.