Over the past year, the federal government has taken concrete measures to revitalize the Nigerian economy, according to Yemi Cardoso, governor of the Central Bank of Nigeria (CBN).
This was said by Mr. Cardoso during the Bankers’ Committee Retreat in Abuja on Friday, which had as its topic “Contract and Commitment to National Development and Economic Growth.”
He urged the public and private sectors to work together and build on the modest successes, stating that the nation was making steady progress in a number of economic sectors.
We are well aware of the issues that have plagued our country in recent years as we assemble here, including unemployment, poverty, insecurity, growing inflation, and infrastructure deficiencies.
Not everything is gloomy. Both the government and private partners have made tremendous progress in recent years in taking use of the enormous potential at our disposal to change the course of our country’s history.
Even though there has been consistent progress, it is clear that there is still a long way to go.
“The task at hand necessitates concentration, creativity, and unflinching will to transform our collective
future,” he stated.
He exhorted the Bankers’ Committee to take decisive action by significantly advancing the nation’s economic development.
For this reason, the retreat’s theme has been thoughtfully selected to encourage greater cooperation and redoubled dedication as we work to create a better future for present and future generations.
“We will have meaningful conversations, exchange knowledge and experiences, and look at innovative solutions to the urgent problems facing our country over the next few days,” he stated.
He assigned the committee the following guidelines to follow:
What actions are necessary to enhance the business climate for everyone, including SMEs and large corporations?
How can we increase the effectiveness of public-private partnerships in the building of infrastructure?
Mr. Cardoso asked, “What are the most effective ways to close skill gaps in our workforce?”
He asked the committee members to discuss how the nation could create an environment that encourages and facilitates innovation.
In order to create a more inclusive economy, he said, they need also focus on how to strengthen the social compact with Nigerians.
Vice-President Kashim Shettima also spoke, stating that the retreat’s subject demonstrated the connection between development and progress.
Tope Fasua, the Office of the Vice-President’s special adviser on economic affairs, represented Mr. Shettima.
According to him, there cannot be true economic development without growth, even though an economy may expand without developing for a limited amount of time.
According to him, the banks were essential to significant economic expansion.
Our banks play a key role in the GDP output growth that every country strives for on a daily basis.
“This is in enabling transactions, serving as repositories for investments and savings, and obtaining credit in all forms and configurations,” he stated.
He called on the banks to strengthen their position as engines of economic expansion and advancement.
He asserts that there should be a positive correlation between the growth of banks and the overall state of the economy.
“The strong profitability we have observed in that industry ought to be somewhat reflected in the GDP growth figures reported by the nation as a whole.
In fact, causality should be discussed more than correlation. And we are certain that you can handle the challenge,” he continued.
According to Mr. Shettima, the federal government plans to abandon the typical suboptimization that has characterized the Nigerian economy for many years.
According to him, the economy has the potential to be genuinely exceptional and can support its leading position both within and outside of Africa.
This explains why some of the grueling reforms are happening now.
“Despite opposition, Mr. President, who is a courageous leader, has persisted in advocating for the long-term view.
The main changes include the elimination of gasoline subsidies, the unification of Naira pricing in the official market, and the reduction of the gap with black markets.
Additionally, there are tax reforms and monetary policy improvements, particularly with regard to how ways and means advancements are handled.
Despite the fact that none of these reforms are simple to execute, we can observe that they are starting to have an impact.
He stated, “We only ask that our people be a little more persistent while the reforms take root.”
