President Muhammadu Buhari praised the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), the National Insurance Commission (NAICOM), and the Securities and Exchange Commission (SEC), among other critical stakeholders, for the regulators’ diligent work over the years to ensure financial system stability.
Buhari, who was represented at the event by the Minister of Finance and National Planning, Mrs. Zainab Ahmed gave the commendation in his address at the 15th Annual Banking and Finance Conference organized by the Chattered Institute of Bankers of Nigeria (CIBN) in Abuja.
Buhari also stated that his administration would continue to support the whole banking and finance industry in all relevant ways to ensure that mandates are met while delivering value innovation for customers.
What Buhari is saying
He also expressed his gratitude for the contributions made by the Nigeria Deposit Insurance Corporation (NDIC), the Security and Exchange Commission (SEC), the National Insurance Commission (NICOM), and other parties.
He assured the nation’s banking and financial sector of the backing of the government.
“Let me seize this opportunity to commend the regulators of the industry, (CBN, NDIC, SEC NICOM) for their diligent work which has ensured financial system stability in the country over the years.
“I wish to also assure the entire banking and finance community that government will continue to support the industry in all appropriate ways.
“Government will ensure that the sector continues to deliver on its mandates while creating value and innovation for its customers,” he said.
The president called on Nigerians to exploit the country’s comparative advantages for economic growth and prosperity.
“We need a Nigeria of the future that harnesses her strengths, competencies and cultural diversity to tackle the challenges that plague her people.
“From climate change to pandemics, and insecurity.
“Government will continue to formulate and implement policies that are aimed at promoting self-sustenance in critical areas such as energy, agriculture, health, technologies,” he said.
He also pointed out that the finance sector would serve not just as an intermediary for lenders and borrowers but in creating a new ecosystem consisting of platforms where ordinary Africans can buy and sell their locally made products despite currency disparity as being practiced on the Pan-African Payment and Settlement System (PAPSS), a brainchild of Afrexim Bank.
Buhari, among other things, noted that over the past seven years, his administration had through various initiatives supported the repositioning of the Nigerian economy within an evolving ‘glocal’ context.