Mr. Emeka Emetarom, an Executive Director at Appzone Limited, said that the view that foreign innovations are better than those made in Nigeria, is wrong and must be changed if Nigeria is to have a rightful place in innovative countries around the globe.

“Most things produced in Nigeria, are superior to their foreign equivalents and we need courage to showcase what we have to the world. In this light, the government needs to keep an eye on micro finance banks with a view to ensuring their survival, as the informal sector forms the taproot of every viable economy.

“The job losses, increased dollar exchange rate, and the general fighting spirit of the average Nigerian, all combine to create an atmosphere of opportunities as small cottage industries start to spring up again, producing local equivalents of imported items we can no longer afford.

“An example is a lady who produces leather belts out of her backyard. The quality felt like the kind I would expect to see a made in Italy sticker on, but to my surprise and total delight, it said made in Lagos. Such start up ventures will find a huge market out there for their goods and will need the support of microfinance banks to grow. This will be a huge opportunity for the financial services sector, in general, and for MFBs in particular,” Emetarom said.