Nigeria Needs Policies To Deepen Economy Diversification says CIBN Boss

Kindly Share This Story:

cibn-boss

Professor ‘Segun Ajibola The president/Chairman of Council, The Chartered Institute of Bankers of Nigeria

There is need for a collective effort by the government and all relevant stakeholders to develop feasible policy interventions that would address the lacklustre performance of the economy.

Professor ‘Segun Ajibola The president/Chairman of Council, The Chartered Institute of Bankers of Nigeria (CIBN) in his welcome address to the 2016 fellowship investiture held on Saturday in Lagos called on the federal government as a matter of priority and urgency initiate policies to deepen the diversification of the Nigerian economy and attracting foreign investors.

Prof added that these can be done through provisions of infrastructure, promotion of agricultural policies to drive self-reliance, the reduction of imports and redirection of attention to tapping the abundant mineral resources in the country.

The President/Chairman said that professionals across all sectors of the economy have important roles to play for the country to be salvaged from its current economic challenges. There is the need for them to continually display their competence, loyalty to the nation and commitment to excellence whether in private practice or public service, he noted.

Prof Ajibola reiterated that central position and pivotal role of the banking and finance sector as the engine of growth in any economy make it even more compelling for banking and finance professionals, including today’s awardees to bring their knowledge and skills to bear in the daily discharge of their duties in whatever capacity they find themselves.

The 2016 investiture of the chartered institute of bankers of Nigeria witness another 150 key operators in the banking and finance and allied industry as well as academia who are being admitted simultaneously into the fellowship and honorary senior membership cadres of the institute.

The awardees are expected to act as role models and mentors for others in the banking profession, as champions for banking professionalism and ambassadors of the institute.

“This year’s investiture is coming on the heels of diverse social and economic challenges currently facing the country. The inflation rate remained at a stubbornly high level of 17.9 percent as at the end of September, 2017, the highest since October, 2005. The pressure on foreign exchange still persists in spite of government and regulatory institutions’ efforts aimed at addressing it with the Naira exchanging to a Dollar at $465. The level of non-performing loans (NPL) rose to 11.7 percent from 5.3 percent this year, exceeding the prudential limit of 5.0 percent and resulting in a muffled low growth in the banking. Most banks and the tidying and allied financial institutions are preoccupied with the burden of loan recovery and the tidying up of their books from huge debt exposures.”

Prof used the occasion to formally invite stakeholders to the 2016 Annual Dinner of the institute slated to November 18, 2016. The dinner, according to the President/Chairman, provides us the opportunity to listen, firsthand, to the Governor of the central bank of Nigeria (CBN) as he unfolds the policy direction of the apex bank for the coming year, 2017.

Also invited to the 22nd World Conference of Banking Institute (WCBI) slated to April24-8, 2017 at Eko Hotel Lagos, Nigeria.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: