Banking Sector Positioned To Drive Sustainable Growth – CIBN

The Chartered Institute of Bankers of Nigeria (CIBN) has asserted that the banking sector in the country is uniquely positioned to drive sustainable growth, foster innovation and ensure inclusivity across every stratum of society.

President and chairman of CIBN, Prof. Pius Olarewaju stated this at the 2024 Lagos Bankers’ Night, themed: ‘Driving National Growth Agenda: The Role of the Banking Sector.’

He pointed out the vital role bankers play in elevating standards of the profession and advancing the broader goals of national development.  Olanrewaju said the theme was significant, as it serves as a powerful reminder of the role of banks in shaping the economic destiny of the nation.

As the backbone of the economy, the banking sector is uniquely positioned to drive sustainable growth, foster innovation and ensure inclusivity, he added. Olanrewaju viewed that the role of banks goes beyond traditional financial intermediation, adding that,, ‘we are the engines that power the wheels of commerce, the architects of financial innovation and the custodians of national wealth.’

The CIBN boss noted that the sector has a unique mandate to unlock the potential of our vast human and natural resources, to fuel entrepreneurship, and to ensure that financial opportunities reach every comer of the diverse society.

Looking at the challenges confronting the economy such as; high inflation rate, infrastructural deficit among others, Olarewaju called for public private partnership relationship in this respect.

The branch chairman, CIBN, Lagos State, Adeyemo Adeoye applauded the theme of the event, noting that the banking industry has traditionally played a significant role in economic developments, pointing out that, ‘because of the financial aggregation and intermediation functions of the banking systems, its roles are inextricably intertwined with the growth of the economy.’

He noted that, ‘our banking industry will play significant roles in policy and growth direction of the economy and, this is inexorable.’

Director-general, The Economic Think-Tank Centre, Prof Emmanuel Moore Abolo emphasised the need for collaboration to achieve the growth agenda, saying, “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.”

He said, the CBN needs to align the monetary policies with the fiscal which is key, create institutions, play its roles of intermediation, making sure resources are made available for implementation of all the strategic initiatives contained in the agenda.