The Chartered Institute of Bankers of Nigeria has called for increased collaboration between the country’s fiscal and monetary authorities to drive sustainable economic growth.
This was disclosed by the Director General of The Economic Think-Tank Centre, Prof. Emmanuel Moore Abolo, while speaking at the 2024 Lagos Bankers’ Night, themed “Driving National Growth Agenda: The Role of the Banking Sector,” according to Nairametrics.
Prof. Abolo emphasized the critical role bankers play in raising professional standards and contributing to national development.
He highlighted the importance of aligning the Central Bank of Nigeria’s monetary policies with fiscal strategies.
He stressed the need for the CBN to establish key institutions and fulfill its financial intermediation role to ensure resources are available for implementing strategic initiatives aimed at achieving the national growth agenda.
He said, “All the stakeholders in Nigeria need to come together to drive the national growth agenda by pulling all the forces together to one single direction called the vision training access and then everybody is able to contribute.
“More fundamentally, we are talking about crafting a robust implementation. It’s one thing to have a plan and strategy, and it’s another thing to implement the strategy. So we are saying we need to awaken the soul of Nigerians, bring everybody on board and see how to push this agenda forward to support government to be able to implement the agenda, if not 100 percent at least 80 percent of the plan.”
CIBN also underscored the banking sector’s unique position in fostering sustainable growth, driving innovation, and ensuring inclusivity across all levels of society.
The 23rd President and Chairman of Council of the institute, Prof. Olarewaju, emphasized the significance of this annual event. He described it as a cherished tradition that allows members to reflect on their collective achievements and set the stage for future success in the banking industry.
Prof. Olarewaju noted that this year’s theme, “Driving National Growth Agenda: The Role of the Banking Sector,” serves as a powerful reminder of the vital role banks play in shaping Nigeria’s economic future.
He highlighted a recent report from the National Bureau of Statistics, which revealed that the financial services sector significantly contributed to the country’s GDP growth, with rates of 2.98% in the first quarter and 3.19% in the second quarter of 2024.
Olanrewaju emphasized that the role of banks extends far beyond traditional financial intermediation, stating, “We are the engines that drive the wheels of commerce, the architects of financial innovation, and the custodians of national wealth.”
