Nigeria’s Banking and Finance sector will drive our economic Agenda – Vice-President Shettima

Nigeria’s Banking and Finance industry has been described as the springboard that will catalyse the realisation of the present administration’s economic agenda just as the Chartered Institute of Bankers of Nigeria (CIBN) has commended the reform initiatives of President Bola Tinubu’s renewed hope agenda, saying it will help grow the economy.

Nigeria’s Vice President, Senator Kashim Shettima made this assertion in his remarks while speaking at the opening ceremony of the ongoing 16th Annual Banking & Finance Conference holding in Abuja.

According to the Vice President, “the future is already here, and this industry is a springboard for the success of our reforms and programmes. Whether in incorporating blockchain technology or expanding financial inclusion to deliver dividends of democracy to banking and unbanked citizens, Nigeria is here to occupy the high-table in a fast-changing world.”

Continuing, the Vice-President, himself a former Banker said: ” I invite you as a friend and colleague to join us in serving the nation. We have promised to reposition
consumer finance, and that can’t be done without you. We have promised to incentivise and finance value-addition to our agricultural and other products, and you are our ally in this. We need you because Nigeria teeters on the edge of a precarious balance of payments as we import more than we export.”

Earlier in his welcome address, the President/Chairman of Council of CIBN, Dr. Ken Opara, expressed hope that the reforms if followed through would not only unlock the full potentials of our economy but place the nation on a recovery trajectory to drive the prosperity of the continent.

The theme of the Conference is “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”.

According to Opara, the event is the largest gathering of banking and finance professionals in Africa.

`’It is a platform for stakeholders in the banking and finance ecosystem to come together to drive conversation on topical issues critical to the growth and stability of the country.
“With a view to providing insightful solutions that will impact the entire system and the economy at large.

According to the President, the theme is very apt as it resonates with the context of our current realities in the country. “It amplifies the fact that agenda setting for the country must be a continuous exercise, especially now that we have a new government in place.

“The topic also resonates with the current administration’s reforms agenda.

He said the CIBN would continue to be at the vanguard for capacity and skills development in the financial services industry.

He also urged for more collaboration of critical stakeholders to drive the sector.
The Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso, pledged the continued support of the National Assembly to the CIBN and the country’s financial sector.

Izunaso called for collaboration of critical stakeholders in the sector to help resolve the challenges before us which according to him, were enormous. He also urged companies enjoying Nigeria’s patronage to ensure to get listed in the country’s capital market.

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu decried the low contribution of the sector to the GDP and challenged the financial sector to make efforts to move from 3.6 % to about nine per cent growth contribution to the GDP.

Bagudu said achieving this was possible as the financial sector was indeed, well placed to contribute to economic growth.

The Minister then reiterated the present administration’s commitment to ensure its renewed hope agenda for Nigerians was achieved.

“The reforms are intended among others, to give the private sector all the necessary confidence to mobilise and invest more resources in the economy.

“We appreciate the contribution of the financial sector but expect more.

“We appreciate that the challenges we are experiencing are those that other countries have experienced and surpassed.

“We are in no doubt that the vision and boldness of our leaders, the renewed Hope Agenda will be pursued with vigour and Nigeria will have positive remarkable growth in the years ahead,” he said.

The Acting Governor of the Central Bank of Nigeria(CBN), Folashodun Shonubi, said when we look at our economic contribution, we are fighting below our weight.

“Can we promise them that instead of 3.6 per cent, we will be contributing a lot more than that. And we will sit down and find what the drivers are that we can influence and do.

“I dont want to put a number in front of us but it is what I will like to see at the end of the conference.

“I don’t think we contribute a lot of ourselves, we as Bankers need to be more conscious, a bit more active on advocacies that are actionable,” Shonubi said.

Also, the Chairman, Body of Banks CEO, Dr. Ebenezer Onyeagwu, also urged for a deliberate effort by stakeholders towards growing the country’s economy.

On balance of payment, he said we are importing more than we are exporting and to change the narrative we need to grow what we consumes and export what we consume.

“We have enormous potential, the biggest potential we have is in our market. Our market is depleted by the number of people we have.

“The time has come for our growth to focus on effectively realising the huge potential of our endowment.

“It is imperative therefore for us to encourage growth in our endeavours. Banks also have to be deliberate, determined to execute the mandate of growth in our economy, “Onyeagwu said.

 

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