Cardoso urges action to address shortage of finance professionals

• Published On: 21 October 2024 at 12:37

Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria, has emphasised the urgent need to address the scarcity of trained professionals in finance-related subjects at Nigerian universities.

According to The Punch, Cardoso made this appeal during a strategic meeting at the CBN headquarters in Abuja on Sunday.

The gathering included discussions with the President of the Nigerian Economic Society, Prof. Adeola Adenikinju, as well as delegates from the Nigerian Economics Students Association.

Cardoso's words emphasise the significance of improving educational programs to better prepare students for professions in finance and economics, with the goal of strengthening the sector and boosting Nigeria's economy.

The statement stated, "The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has emphasised the bank's commitment to producing the next generation of financial and social science professionals.

"He has also emphasised the necessity of addressing the scarcity of skilled professionals in finance-related fields in Nigerian universities."

Cardoso emphasised the necessity of providing opportunities for youth development, claiming that equipping young people with suitable skills is critical to fostering a competitive financial sector.

He emphasised the importance of developing a robust pipeline of talent to support the Financial System Strategy, which is critical to driving Nigeria's economic growth.

He also called for mentorship programs between the CBN, NES, and NESA, stating that collaboration will provide students with the expertise they need to succeed in the sector.

Cardoso emphasised the importance of simplifying economic concepts, saying that excellent communication is critical for helping the public understand monetary policies.

According to the statement, "Following presentations by members of NES and NESA on research topics, recommendations, and ongoing activities that could assist the CBN in achieving its mandate, Cardoso emphasised the importance of organising mentorship collaboration with NES and NESA to enable both associations to achieve their set objectives."

"Furthermore, the governor emphasised the importance of communication, stating that it was necessary to simplify dense and heavy economic concepts, which had always been difficult to communicate monetary policy." He recognised the role of young economists in demystifying the subject and providing a fresh perspective."

The governor restated the CBN's commitment to working with the Nigerian Economic Society (NES) and the Nigerian Economics Students Association (NESA), adding that the collaboration aims to encourage innovation, diversity, and more female participation in the financial industry.

Meanwhile, Adenikinju emphasised the society's desire for stronger collaboration with the CBN, citing research support, internships, and seminars as crucial areas of partnership.

He also advocated for more effective use of social media to communicate economic policy to the public.