The Chartered Institute of Bankers of Nigeria has provided the federal government with solutions to the country’s economic challenges.
CIBN said the country should prioritize incentives to boost non-oil export revenue and attract Diaspora and foreign portfolio investment.
President/Chairman-of-Council at the CIBN, Ken Opara, disclosed this in his remarks on Friday at the 58th Annual Dinner of the Institute in Lagos.
He added that the managers of the country’s economy should implement reforms that would curtail inflationary pressure, which had reached an all-time high of 27.33 per cent in October.
“We are on a journey, and we are not yet there, but we believe that we are progressing as we are not oblivious of the intensified inflationary pressure and has reached an all-time high of 27.33 per cent in October 2023 while the exchange rate continues to rise. We believe the focus should continue on reforms and incentives to boost non-oil export revenue and attract Diaspora and foreign portfolio investment.
“These achievements tie into the Renewed Hope Agenda of the President, whose comprehensive development plan aims to address Nigeria’s most pressing challenges as encapsulated in the eight points agenda of economic growth and transformation, access to capital, job creation, food security, ending poverty, improved security, rule of law, fighting corruption and improved playing field for business to operate,” he said.
Earlier in his remark, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said it would look at recapitalizing commercial banks to meet the government’s N10 trillion economy target.
He said, “Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies.
“We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures.”