CIBN sets agenda for new CBN Gov, unveils Fund to tackle ‘japa’ syndrome
The Chartered Institute of Bankers of Nigeria (CIBN) has asked the Central Bank of Nigeria (CBN) to focus on policies that will increase revenue from non-oil exports, draw in foreign portfolio investors, and encourage diaspora investment.
President and chairman of the CIBN, Ken Opara revealed this in his welcome address at the 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary held in Lagos on Friday.
Opara said within few weeks in office, the CBN Governor, Yemi Cardoso has activated notable initiatives “aimed at repositioning and stabilising the economy”.
He listed the achievements as focusing on the core monetary policy mandate of price and exchange rate stability, unification of the exchange rate, and initiating steps to boost liquidity in the foreign exchange market through the commencement of settlement of mature forward obligations.
The others, Opara said, are market reflective rates for government treasury securities to ensure that investors get real positive yields on their investments, and joint issuance of advisory notice by the CBN in conjunction with the financial services regulation coordinating committee (FSCRCC) and National Broadcasting Commission (NBC) to end the scourge of illegal financial operators (IFOs) in Nigeria.
“This is a journey, and we are not oblivious of the inflationary pressures that have intensified to an all-time high of 27.33 percent in October 2023 while the exchange rate continues to rise,” he said.
“We believe that the focus should continue to be on reforms and incentives that will boost non-oil export revenue as well as attract diaspora and foreign portfolio investment.”
He said these achievements tie into President Bola Tinubu’s eight-point agenda which aims for economic growth, job creation, food security, poverty reduction, improved security, rule of law, corruption fight, and improved business operations.
Opara also expressed concern over the mass exodus of young Nigerians out of the country.
He said the banking industry hopes that the vision to establish the $20m fund to train graduates will help reduce the rate of ‘japa’.
Opara said, “The take-off of the Human Capital Development Fund which is a precursor to the banking school project to be sighted in Abeokuta, Ogun State. We are excited about the contribution of the bank.
“The Human Capital Development Fund, this fund will be used for training graduates and capacity building of market trade workforce for the financial services industry as well as upscaling the existing workforce, retooling and retraining and that essentially is our own way to address the japa syndrome.”
The fund is a $20 million human capital fund for the purpose of grooming and nurturing a pool of financially innovative market-ready workforce for the Nigerian Banking Industry.
The banking school project will be constructed on the institute’s six hectares of land in Ogun State.
