Heritage Bank Plc Executive Director Jude Monye said one of the ways the outdoor advertising industry can achieve massive growth is by adopting a public-private partnership model to ensure its durability.
Muonye said this at the 2021 Outdoor Advertising Conference and Exhibition, hosted by the Lagos State Signage and Advertising Agency in partnership with Heritage Bank, according to a bank statement on Sunday.
Monye congratulated the administration of Lagos State Governor Babajide Sanwo-Olu for the implementation of the smart city plan with the deployment of 6,000 km of optical fiber in the metro, an infrastructure required for the project. smart city.
He said: âIf you have a deposit money bank, that is, the commercial bank that comes up with a huge portfolio, you will see massive growth in this industry and to top it off for me the governor said what I didn’t know, everything the government is doing with the smart city fiber optic projects that LASAA also showed us.
“With this alone, the PPP model, the banks will focus on financing so that the industry can develop.”
He said DMBs were careful to lend to advertising players because of many unstructured issues that, if addressed, banks would be willing to lend once they saw the risks in the industry. had been reduced.
The decision of the Lagos state government to adopt digital technology would lead to increased patronage and involvement of commercial banks, he said.
âI think a lot of the unstructured issues that we face and most of the banks that you see on digital media outside are not due to the need to advertise because it didn’t attract them or did not interest their audience, but some of them are just paying back the loan they gave, âhe said.
Muonye said the PPP was the ideal model and that there should be an integrated intra-ministerial approach, as this would boost banks’ lending capacity.
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