SME’s grow Nigeria’s industrial sector, says NDIC

From Maurice Okafor, Enugu

The Nigeria Deposit Insurance Corporation (NDIC) has described Small and Medium Enterprises (SME’s), as an engine room for development of the industrial sector, particularly in Nigeria where the level of youth unemployment is a serious challenge.

The Managing Director of NDIC, Alhaji Umaru Ibrahim, stated this on Wednesday at the NDIC special day, at the on-going 31st Enugu International trade fair.

The NDIC boss was represented by the NDIC South East zonal controller Mrs. Vera Igbo Ikwue.

He stated: “The NDIC fully aligns with the Federal government in its appreciation of the strategic roles of the SME,’s as the veritable platform for economic diversification, job creation, wealth creation. In most developed nations, the SME’s have been crucial to the growth and sustenance of the middle class which is globally recognized as the major pre requisite for effective economic growth.

“SME’s constitute an important component of the nation’s industrial sector. The important of SME,’s cannot be over emphasized, especially in a typical developing country like ours, where the level of youth unemployment is serious challenge”, NDIC boss stated.

He reassured the preparedness of NDIC in helping bank customers recover their money trapped in failed banks and cautioned Nigerians to always endure they deposit their money in banks recognized by NDIC describing the so called :Wonder banks,’ as very illegal

His words: For avoidance of doubt, these ‘Wonder banks’ are neither licensed by the Central of Nigeria (CBN) nor are they under the NDIC deposit insurance scheme. I advise members of the public to patronize insured banking institutions that display the NDIC stickers: ‘Insured by NDIC’ in their banking halls or entrances”.

Earlier in his speech, the President of Enugu Chamber of Commerce, Industries Mines and Agriculture (ECCIMA), Sir EmekA Nwandu commended NDIC efforts in stabilizing the nation’s financial sector.

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