The Chartered Institute of Bankers of Nigeria (CIBN) has emphasized the necessity of collaboration between fiscal and monetary authorities to achieve sustainable growth in the country.
Prof. Emmanuel Moore Abolo, Director General of The Economic Think-Tank Centre, stated this during the 2024 Lagos Bankers’ Night, themed “Driving National Growth Agenda: The Role of the Banking Sector.”
He explained the crucial role that bankers play in elevating the standards of the profession and advancing the broader objectives of national development and also highlighted the importance of collaboration to achieve the growth agenda.
He stressed that the CBN must align its monetary policies with fiscal strategies, establish necessary institutions, and fulfill its role in financial intermediation, ensuring that resources are available to implement all the strategic initiatives outlined in the agenda.
He said, “All the stakeholders in Nigeria need to come together to drive the national growth agenda by pulling all the forces together to one single direction called the vision training access and then everybody is able to contribute.”
“More fundamentally, we are talking about crafting a robust implementation. It’s one thing to have a plan and strategy, and it’s another thing to implement the strategy. So we are saying we need to awaken the soul of Nigerians, bring everybody on board and see how to push this agenda forward to support government to be able to implement the agenda, if not 100 percent at least 80 percent of the plan.”
Contribution of the banking sector to national development
The Chartered Institute of Bankers of Nigeria (CIBN) also emphasized that the banking sector in the country holds a unique position to drive sustainable growth, foster innovation, and ensure inclusivity across all levels of society.
Prof. Olarewaju, the 23rd President and Chairman of Council of the institute, highlighted that the annual Lagos Bankers’ Night is a valued tradition, providing members with an opportunity to reflect on their collective journey and to set the stage for future successes in the banking industry.
He noted that the theme of this year’s event is particularly significant, as it serves as a powerful reminder of the vital role banks play in shaping the economic future of the nation.
Highlighting the critical role of banks, he referenced a report from the National Bureau of Statistics, which shows that Nigeria’s financial services sector made a substantial contribution to the GDP growth rates of 2.98% in the first quarter and 3.19% in the second quarter of 2024.
Olanrewaju emphasized that the role of banks extends far beyond traditional financial intermediation, stating, “We are the engines that drive the wheels of commerce, the architects of financial innovation, and the custodians of national wealth.”
He also pointed to a Central Bank of Nigeria report indicating that bank loans and support for the private sector surged to approximately N375.7 billion in the first five months of 2024, representing a 74.98% increase from the N214.76 billion recorded during the same period the previous year. This, he noted, demonstrates the banking sector’s continued and growing support for the economy.
