Issues in focus as ACAMB brings banking industry, organized private sector together in Lagos on August 3

The Association of Corporate Affairs Managers of Banks (ACAMB), a banking industry corporate communications and reputation management group will on Wednesday, August 3 hold the first edition of its National Stakeholders Conference in Lagos.

The conference scheduled to hold at the Bankers House, Victoria Island, Lagos is themed “Promoting synergy between the banking industry & the organized banking sector”. It will be organized in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria (CIBN).

Right timing for conference as another global recession looms

There couldn’t have been a better timing for the conference especially now that world economies grapple with the possibility of another recession that could be driven by rising inflation across nations.

Newsclickng.com reports that the Chief Economist to the International Monetary Fund (IMF) Pierre-Olivier Gourinchas last week predicted that: “The world may soon be teetering on the edge of a global recession, only two years after the last one.”

IMF downgraded its outlook for the global economy this year (2022) and next (2023), while giving an even starker assessment of what may lie ahead.

This is largely attributed to the surging inflation and severe slowdowns in the world’s three largest economies: United States, China and Europe

In its latest World Economic Outlook, the International Monetary Fund cut the 2022 global GDP estimate to 3.2 percent, four-tenths of a point lower than the April forecast, and about half the rate seen last year.

According to IMF; “Last year’s recovery from the pandemic downturn has been followed by increasingly gloomy developments in 2022 as risks began to materialize”

“Several shocks have hit a world economy already weakened by the pandemic,” including the war in Ukraine which has driven up global prices for food and energy, prompting central banks to raise interest rates sharply.

“Ongoing Covid-19 lockdowns and a worsening real estate crisis have hindered economic activity in China, while the Federal Reserve’s aggressive interest rate hikes are slowing US growth sharply.

“Key among concerns is the fallout from the Ukraine war including the potential for Russia to cut off natural gas supplies to Europe, as well as a further spike in prices and the specter of famines due to the war’s chokehold on grain supplies”.

ACAMB’s strategic conference and benefits for Nigerian economy

Speaking on the importance of the conference and benefits to the Nigerian economy in a dwindling global economic phase, President of ACAMB, Rasheed Bolarinwa in his recent media rounds emphasized that the conference amongst other things would proffer lasting solutions to the constant discord between the banking industry and OPS to the utmost benefit of the Nigerian economy.

“Ultimately, the Nigerian economy would be the major beneficiary of the conference as far reaching strategies would be unfolded to tap into the economy untapped benefits through the expected synergy.

“The conference would bring together the best players on both sides to act as think tank for the nation’s macro economic growth. The Organised Private Sector is a valued stakeholder of the banking industry. Both the banking industry and the Organized Private Sector play major roles in growing the economy. The need for the two sectors to closely cannot be overemphasized. ACAMB is therefore reaching out to secure the participation of relevant speakers at the conference,” Bolarinwa said.

According to him, the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy.

“Therefore, there is a need for the two sectors to work closely together.

“The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy, communication, cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively.

“ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity.

“We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy,” the ACAMB President noted further.

Rich guest list

The conference will have keynote addresses delivered by the Governor of Central Bank of Nigeria, Godwin Emefiele; National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), John Udeagbala and President, Manufacturers Association of Nigeria (MAN), Mansur Ahmed.

The strategic panelists will be led by the leadership of the sectors and it cuts across banking players and the OPS including Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small-Scale Industrialists (NASSI), Nigerian Association of Small and Medium Enterprises (NASME) and others.

The main plenary session would be moderated by the foremost economist, Dr Biodun Adedipe.

“We are providing an open-minded platform for both sectors to articulate and ventilate their fears, interest and expectations and opportunities that will benefit both sectors, the national economy and Nigeria at large.

“At the end of the session, we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS,” Bolarinwa explained.