Nigeria imports $140Million Orange concentrates anually #nigeria

Nigeria, the world's third largest producer of oranges, loses
$140 million annually through importation of orange
concentrates. This is because the oranges produced locally
is of little value due to the lack of technology for processing
them.
The startling revelation emerged at the FCMB forum on
"Sustainable Banking in Nigeria: The Role of the Media",
held in Lagos yesterday.
The Managing Director, Sustainable Finance Advisory,
Carley Bohjanen in her presentation, lamented the situation
whereby banks in the country were reporting huge profits
which do not translate to the economic well-being of the
citizenry.
She said, it was not going to be business as usual as
certain factors, including population and competitiveness,
amongst other factors have made it imperative for banks to
change their attitudes towards paying attention to other
stakeholders in the economy.
Bohjanen said there was the need for banks to ensure that
before embarking on financing any undertaking, they should
endeavour to find out the sources of the products used in
the project, adding that they end up funding the destruction
of environments.
Referring to some economies such as China which have
recorded massive growth over years, she queried how much
of these have been used to develop the infrastructure such
as healthcare, good potable water and other facilities
needed to promote the well being of the common man.
She urged the media to refocus their attention to other
positive issues, other than harping on corruption,
insurgence and other reports that appear in the foreign
media. They should reinforce on growth stories such as
entrepreneurship, women empowerment, etc . and
everything that is growing, which she said are taking place
now in the country.
In his remarks, the GMD/CEO, FCMB, Ladi Balogun said his
bank is in the forefront of implementing the sustainable
banking principles which find expressions in the way the
bank has been carrying out its activities.
He said the bank was noted for providing financial services
at a low cost at a rate which he said, other financial
institutions cannot afford, to customers as a way of
ensuring that both poor and the disadvantaged have access
to the services of the bank.
Balogun said in the process of implementing sustainability,
the bank's profit may not be growing as it should be in the
short-run, but added that because of the diversified
products of the bank, more customers would be attracted
which would lead to healthy revenue in the long run.
He said, in spite of the untoward investment climate in
some Northern parts of the country, his bank was ahead in
providing loans to customers in the affected areas.
The Bank plans to alleviate over one million out of poverty
come 2020, as a way of contributing to the unemployment
situation and engendering confidence on the Nigerian
economy.