CIBN proposes economic solutions for Nigeria’s development

The Chartered Institute of Bankers of Nigeria (CIBN) has presented strategic solutions to address the economic challenges facing Nigeria, emphasizing the need for prioritized incentives to enhance non-oil export revenue and attract investments from the Diaspora and foreign portfolios.

Ken Opara, the President/Chairman-of-Council at CIBN, shared these insights during the 58th Annual Dinner of the Institute held in Lagos on Friday. Opara stressed the importance of implementing reforms aimed at mitigating inflationary pressures, which reached an unprecedented high of 27.33% in October.

Opara highlighted the significance of focusing on reforms and incentives to bolster non-oil export revenue while attracting investments from the Diaspora and foreign portfolios. He aligned these goals with the Renewed Hope Agenda of the President, addressing critical challenges such as economic growth and transformation, access to capital, job creation, food security, poverty alleviation, improved security, rule of law, anti-corruption measures, and creating an enhanced business operating environment.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, also commented on the economic landscape, expressing the intention to consider recapitalizing commercial banks to align with the government’s ambitious N10 trillion economy target.

Cardoso stated, “Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures.”