NDIC reaffirms commitment to safeguard Nigeria’s financial services industry

The Nigeria Deposit Insurance Corporation (NDIC), on Monday reaffirmed its commitment to safeguard the nation’s financial services industry.

The Managing Director of NDIC, Alhaji Umaru Ibrahim said this at a two-day seminar organised by the corporation for management staff of the Ministry of Finance in Abuja.Ibrahim was represented by the Director Research of NDIC, Mr Sunday Oluyemi.

The NDIC boss also expressed the corporation’s desire to collaborate with the ministry to institute the desired policy thrust that would boost Nigeria’s economy.

According to Ibrahim, there are two major policies used in managing an economy, monetary policy and fiscal policy.

“The ministry is in charge of fiscal policy and is saddled with the responsibility of preparing annual budgetary estimates for the government.“It is also meant to determine other broad-based fiscal policy issues in a bid to achieve some macroeconomic goals.

“The ministry is a core pillar of Nigeria’s financial safety-net as a guarantor of the lender-of-last-resort.“Hence, it is necessary for it to constantly engage in capacity building drive in a bid to upscale and harness the human resource potential within the ministry.

“This seminar, therefore, seeks to sharpen the skills of key staff of the ministry by apprising them with developments in the financial system and economy.

“The seminar will also enable them effectively discharge their functions of addressing the evolving challenges in the Nigerian economy,’’ Ibrahim added.

The NDIC boss, therefore, urged the participants to take advantage of the opportunity to tap from the rich experience and knowledge of the resource persons.

The Permanent Secretary of the ministry, Mr Mahmoud Isa-Dutse said the training would sharpen the skills of officers of the ministry.

Isa-Dutse, represented by the Deputy Director, Home Finance Department, Mr Ebade Atuola said: “there is a synergy between the ministry and NDIC, thus we need to be on the same page to ensure Nigeria’s financial system works smoothly.

“The workshop will keep us abreast with recent developments in the financial sector so that we will be able to interpret and implement the policies of government.

“And we are grateful to the NDIC for organising this programme, and for the resources they have put together to make sure we get trained and function effectively.’’