In a resounding affirmation of the banking sector’s pivotal role in fostering inclusive growth, Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), underscored the industry’s significance during the opening of the 17th Annual Banking and Finance Conference, OBSERVERSTIMES report.
READ ALSO: FCMB Commends CBN, Others for Successful N110.94bn Capital Raise
The event, themed “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” was hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Represented by Dr. Blaise Ijebor, Director of the Risk Management Department at the CBN, Cardoso highlighted the critical importance of bankers as stakeholders in Nigeria’s development and, by extension, in Africa’s economic landscape. He pointed out that the decisions made within the banking industry have far-reaching implications for millions of Nigerians and Africans alike.
Cardoso emphasized the necessity for a robust and responsive banking sector to drive economic growth, particularly in light of Nigeria’s aspirations to achieve a $1 trillion economy, as envisioned by President Bola Ahmed Tinubu. He commended the leadership of the CIBN for facilitating discussions aimed at creating actionable frameworks that could propel the nation towards this ambitious target.
READ ALSO: CBN Announces New Leadership for NIRSAL Plc Amidst Restructuring Efforts
“The banking sector must be at the forefront of innovation and collaboration,” Cardoso stated. “Our prayers are that this gathering will foster meaningful connections, spark innovative ideas, and pave the way for collaboration that drives progress and prosperity in Nigeria and across Africa.”
In line with these goals, the CBN has initiated several programs aimed at enhancing financial inclusion and supporting small and medium-sized enterprises (SMEs). These initiatives include the establishment of the Financial Inclusion Technical Committee, which seeks to increase access to financial services for underserved populations. Additionally, the CBN has implemented various credit facilities and guarantees to encourage banks to lend to SMEs, which are crucial for job creation and economic diversification.
At the end of conference , stakeholders from various sectors are expected to engage in dialogues that will further explore strategies for harnessing the banking sector’s potential to drive sustainable economic growth and development in Nigeria. The CBN remains committed to fostering an environment that encourages innovation, collaboration, and inclusivity within the financial sector, recognizing that a robust banking system is essential for the nation’s overall economic health and stability.