CIBN offers solutions to Nigeria's economic challenges

CIBN offers solutions to Nigeria’s economic challenges

The Chartered Bankers Association of Nigeria has provided the Federal Government with solutions to the country’s economic challenges.

CIBN said the country should prioritize incentives to increase non-oil export revenues and attract portfolio investments from the diaspora and abroad.

The Chairman and Chairman of the Board of Trustees of CIBN, Mr. Ken Opara, made this known in his remarks at the institute’s 58th annual dinner held in Lagos on Friday.

He added that the country’s economic managers should implement reforms to curb inflationary pressures, which reached a record high of 27.33% in October.

“While we are on a journey and not there yet, we are not ignoring the intensification of inflationary pressures, and as the exchange rate depreciates, we will reach an all-time high of 27.33% in October 2023. We believe we are making progress because we have reached the value that continues to rise. We believe that we should continue to focus on reforms and incentives to increase non-oil export revenues and attract diaspora and foreign portfolio investments.

“These achievements are linked to the President’s New Hope Agenda, which is an eight-point comprehensive development plan that focuses on economic growth and transformation, access to capital, job creation, food security and poverty eradication. It aims to address Nigeria’s most pressing challenges summarized in the Agenda: ‘improving security, the rule of law, fighting corruption and improving the competitive environment in which businesses operate.’ Stated.

Earlier in his remarks, Central Bank of Nigeria Governor Olayemi Cardoso said the bank would consider recapitalizing commercial banks to meet the government’s N10 trillion economic target.

He said: “Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will address systemic deficiencies, restore corporate governance, strengthen regulation and implement smart policies. will be carried out.

“By recalibrating our policy toolkit and implementing a wide range of measures, we assure investors and the business community that the economy will experience significant stability in the short to medium term.”


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