How human capital development can boost growth, by CIBN

The President Chartered Institute of Bankers of Nigeria (CIBN), Prof Segun Ajibola has said substantial investment in human capital development will drive sustainable economic growth in Nigeria.

He submitted that training and re-training of Nigerians is a prerequisite for Nigeria and Nigerians to become competitive in the globalize economy which is skill and knowledge based.

Speaking at the signing of Memorandum of Understanding between CIBN and Caleb University recently, Ajibola said that training is very important just as human resources constitute the ultimate basis for the wealth of nations.

“The main reason why Nigeria is presently suffering economic recession is largely due to Nigeria over-dependence on foreign market, exposing naira to unstable forex market”, he said.

He pointed out that human beings are the active agents who accumulate capital, exploit natural resources, build social, economic, and political organizations, and carry forward national development.

Ajibola further stressed that a country that is unable to develop the skills and knowledge of its people and to utilize them effectively in the national economy will be unable to develop anything else.

He stated further that Nigerians must begin to produce what they eat and need saying, “Nigerians’ appetite for foreign goods should be addressed because foreign goods and services are inelastic to price.”

He noted that the agreement with universities to train their students is part of the institute continue effort as professional body in bridging the current gap in capacity building in the country.

“Partnership signed with Caleb University on its three post-graduate programmes, Masters in Finance, Masters in Business Administration and Post Graduate Diploma in Financial Journalism will produce Nigerians for academics and the industry”, he said.

He remarked that the linkage agreements would ensure the placement of students from Caleb University on a better pedestal in securing jobs upon graduation.

Ajibola added: “Students, being the future leaders of any nation, are the target of CIBN towards producing a more informed group of Nigerians in learning and character for the banking industry.”

The Vice-Chancellor of the university, Prof Ayandiji Aina remarked that the partnership would help project the image of the University in terms of the students’ readiness to be certified to work in the banking sector, also journalist who apply for the post graduate diploma programme on financial reporting.