Nigerian President Bola Tinubu has called on the financial services industry to translate their capital into productive investment and employment opportunities for economic growth and development.
Speaking at the 19th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Conference in Abuja on Tuesday, President Tinubu, who was represented by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that resilience of the financial system would not be possible where businesses did not have access to affordable credit.
He listed factors that would drive resilience in the financial systems to include growth facilitation, inclusion, technology and long term capital.
Tinubu said that various innovation like Artificial Intelligence (AI), digital and open banking, among others, had impacted the financial system.
The President said that the Nigerian government would continue to create space for more private sector credit.
”No economy can be more resilient than its financial system,” he said.
In his speech, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said that the benefits of the monetary and fiscal policies reforms would soon start trickling down to impact the common man and their standard of living.
The governor, represented by Philip Ikeazor, CBN’s Deputy Governor, Economic Policies, said that the successes of the reforms had been echoed in different platforms.
He said that many citizens had queried the benefits of the reforms, adding that the dividends would soon translate positively in the day to day living of citizens.
”The reforms by the CBN were done in conjunction with other stakeholder,” he added.
GIK/APA