In a bid to proffer solution to the present economic challenges in Nigeria, stakeholders in the banking industry converged recently in Lagos, to deliberate on contemporary issues affecting the sector and the nation’s economy at large.
Focusing on the theme, “Empowering the Nigerian economy: Strategic imperative,” the stakeholders took turns to trace old and new strategies for progress during the 2016 CIBN Lagos Bankers’ Nite.
Biodun Adedipe, chief consultant, B.Adedipe and Associates, who was the guest speaker, stressed the urgent need to re-power the economy, especially now the economy was facing enormous policy challenges.
“If any nation is going to make any progress they must recognise that economic and financial independence are completely different from political independence. Having gained political independence, we must develop to a point where we can make our own policy choices, not because some foreigner somewhere told you that this is what it takes for you.
“Nigeria’s gain is a loss to the rest of the world, and if their gain is a loss to Nigeria, what then makes us think that any foreigner in our country will love us so much that they would want to advise us on how we can manage our economy to their own detriment,” Adedipe said.
Adedipe added, “Fiscal, monetary and trade and investment policies ought to be closely aligned in particular, interest and exchange rate policies should complement, and clearly define national developmental goals and objectives.”
In his keynote address, Samuel Akeju, president, Institute of Directors of Nigeria, identified poor leadership as a setback to empowering the Nigerian economy.
“The imperative of strategically preparing our Nigerian economy rests squarely with our leaders. Unless we encourage global investment, foreign investors will not take bold steps to get involved doing business in Nigeria. Only very few people are responding rightly to providing the needed change and growth that our nation needs at this time,” Akeju said.
Nike Akande, president, Lagos Chamber of Commerce and Industry, was optimistic that the current turbulence would be short-lived if Nigerians remain resolute and make the right positive choices, and appealed to the banking community to modulate the cost of funds to drive economic activity.
“The banking sector is very strategic to this economy. We cannot do business without money and the bankers are the custodians of funds. Most often businesses have no choice than to do the biding of the bank if they must continue in business.
“One of the imperative in my view is to provide cheaper fund. Lending rate in this economy is one of the highest in the world as well over 20 percent, depending on the profile of the business. This issue has even been a recurrent complain by the business community,” Akande said.
Segun Ajibola, president/chairman of council, CIBN, reiterated their commitment towards achieving a sustainable growth trajectory for the country.
“A strategic imitative for repowering this economy is to attract foreign investments to the land. CIBN is poised to ensuring that the key investment manager and decision maker see Nigeria in our true perspective of abundant human and material resources,” Ajibola said.
