Skye Bank partners govt on Niger Delta
SKYE Bank Plc has restated its resolve to partner the Federal Government on the development of the Niger Delta and the oil industry in Nigeria.
Mr. Chike Memeh, Regional Director, South-South of Skye Bank Plc, said at the Niger Delta Oil and Gas Conference/Exhibition in Port Harcourt that the bank was willing and ready to implement Federal Government policies meant for the development of the region.
Memeh, who represented the managing director and chief executive of the bank at the event, said the bank was also poised to partner operators in the oil sector to tap the numerous opportunities in the Niger Delta region.
"We support the various initiatives by the present administration at the federal and state levels towards resolving the crisis in the region and move the nation forward," he said. "Skye Bank is also committed to partnering operators and stakeholders in the strategic oil industry to tap the various opportunities in the oil sector."
He expressed regret that the crisis in the region is adversely affecting the economy of the region with resultant impact on inflow of Foreign Direct Investments (FDIs) into the Niger Delta and Nigeria as a whole.
He was however optimistic that the Federal Government and states in the region will find an amicable solution to the problem.
The Skye Bank regional director explained that the bank fully supports the initiative to integrate the Organised Private Sector (OPS) in the operation of the oil industry and development of the Niger Delta.
"There are immense opportunities in the Niger Delta region and Nigeria as a nation and one of the ways to derive value from such opportunities is through micro-entrepreneurship.
But the challenge is how such enterprises can have access to credit given the perception of such firms by financiers. For example, banks are hardly financing development of marginal fields due to lack of equity participation by investors of initiators of such fields."
Memeh challenged investors in marginal fields development to demonstrate that such ventures are profitable and worth investing in by banks and other financial institutions.
He urged them to show sense of purpose, focus and willingness to succeed.
