W’Bank, CBN, bankers brainstorm on economic recovery as Shettima urges partnerships
Nigeria’s economic quagmire should create serious concerns for Nigerians, especially finance experts, the World Bank, Central Bank of Nigeria (CBN) and Chartered Institute of Bankers of Nigeria (CIBN) warned yesterday, as the Federal Government seeks partnership on its recovery mission.
With rising poverty, near total dependence on importation, dwindling revenue generation and spending by the Federal Government, unemployment and worsening inflation, industry players, who gathered at the 16th yearly Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) said worse days bode if Nigeria does not prioritise security and stability, rule of law, investment in human capital and opening up of the frontier for private sector to create jobs.
Vice President Kashim Shettima, yesterday, declared that a stronger partnership with experts in the banking and finance industry could spur “turning the economy around in record time,” as the Tinubu administration mobilises stakeholders for the repositioning of the economy.
While urging the experts to help spur the economy, the Vice President added: “We seek your partnership in getting this done. We cannot take your support for granted. This journey towards economic rejuvenation is not one to be undertaken in isolation. It is a call to forge robust partnerships with strategic national and multilateral organisations, for in unity, Nigeria can reposition itself as a formidable and globally competitive partner.”
On outcomes of recent government policies and programmes, Shettima said: “I must announce with pride that our decisions are already yielding tangible results, with both state and federal governments now enjoying more substantial allocations.”
He noted that “these funds promise a direct and positive impact on the lives of our citizens. Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes.
“We envision a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments. Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme.”
Country Director, World Bank Group, Shubham Chaudhuri, who was keynote speaker, said longer-term investments in complementary with infrastructure, especially power, connectivity,
Earlier in his remarks, CIBN president, Ken Opara, said the event, which has grown to become the largest gathering of banking and finance professionals in Africa, provides the platform for professionals to drive conversation on growing the economy.
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