CIBN urges fiscal, monetary authorities to collaborate for economic growth
The Chartered Institute of Bankers of Nigeria has urged the country's fiscal and monetary authorities to work together more closely to promote long-term economic growth.Prof. Emmanuel Moore Abolo, Director General of The Economic Think-Tank Centre, disclosed this while speaking at the 2024 Lagos Bankers' Night, titled "Driving National Growth Agenda: The Role of the Banking Sector," according to Nairametrics.
Prof. Abolo emphasised the critical role that bankers play in raising professional standards and promoting national development.
He emphasised the importance of coordinating the Central Bank of Nigeria's monetary policies with fiscal strategies.
He emphasised the importance of the CBN establishing key institutions and fulfilling its financial intermediation role in order to ensure that resources are available for implementing strategic initiatives that will help achieve the national growth agenda.
He stated, "All stakeholders in Nigeria must come together to drive the national growth agenda by uniting all forces in one single direction known as vision training access, so that everyone can contribute.
"More fundamentally, we're talking about building a strong implementation. Having a plan and strategy is one thing; putting it into action is quite another. So we're saying we need to awaken Nigerians' souls, bring everyone on board, and figure out how to move this agenda forward so that the government can implement it, if not completely, then at least 80 percent of the plan."
CIBN also emphasised the banking sector's unique role in fostering long-term growth, driving innovation, and ensuring inclusivity at all levels of society.
Prof. Olarewaju, the 23rd President and Chairman of the Institute's Council, emphasised the significance of this annual event. He described it as a treasured tradition in which members reflect on their collective accomplishments and lay the groundwork for future success in the banking industry.
Prof. Olarewaju stated that this year's theme, "Driving National Growth Agenda: The Role of the Banking Sector," is a powerful reminder of the critical role banks play in determining Nigeria's economic future.
He cited a recent National Bureau of Statistics report, which found that the financial services sector contributed significantly 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 emphasised that banks' roles go far beyond traditional financial intermediation, saying, "We are the engines that drive the wheels of commerce, the architects of financial innovation, and the custodians of national wealth."
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