• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, May 23, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Economic Reforms: Shettima, Cardoso Set New Targets For Banks

by Mark Itsibor
6 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Vice President Kashim Shettima and Governor of the Central Bank of Nigeria Olayemi Cardoso have set new targets for the Nigerian banking community to complement the government’s efforts for economic growth, job creation and MSMEs financing. The duo asked the banks to re-strategise and consolidate their role as catalysts for economic growth.

Advertisement

Speaking at the Bankers Committee Retreat in Abuja, the Vice President said “Our banks must consolidate their role as catalysts for economic growth and development. The development of banks should positively correlate with the development of the economy at large, and the robust profitability that we have seen in that sector should reflect – at least marginally – in the GDP growth numbers posted by the country at large. Indeed, we should be speaking about causality more than correlation. And we know that you are up to the task.”

Vice President Shettima believes that the availment of credit facilities to key productive sectors, facilitation and syndication of large ticket loans, and by taking a long-term view in their interactions with the market and the economy at large, the banks will help Nigeria to achieve a pass mark in the quest for economic growth and development.

Represented by the special adviser to President Tinubu on economic matters, Tope Fasua, the Vice President said the banking sector is perhaps the most critical ally to the government regarding the pursuit and achievement of the $1 trillion economy target. “We are not reneging or backtracking from this laudable objective, which may be able to raise our per capita GDP to over $4,000 from current levels of barely $1,000,” he stated at the event in Transport Hilton.

Speaking to the theme of the retreat: “Contract and Commitment to National Development and Economic Growth,” CBN Governor urged the bankers committee to devote the retreat to come up with ways to improve the business climate, create jobs, close skill gaps and build an inclusive economy.

RELATED

Apex Bank Suspends Cashless Charges As Scarcity Spreads

CBN’s Strategic Monetary Policy Hold Reflects Economic Confidence?

2 hours ago
PalmPay Partners CAC to Register 219,000 Small Businesses

PalmPay To Empower 5,000 Women, Youths In Kano

2 hours ago

He said they should focus on” What steps must we take to improve the business environment for all—large corporations, SMEs, and others? How can we better leverage public-private partnerships for infrastructure development? What are the most effective ways to close skill gaps in our workforce? How do we foster an ecosystem that nurtures and supports innovation? And, crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”

Cardoso said an array of topic experts has been mobilized to guide the participants through the different topics—from economic growth and development to innovation and capacity building.

He emphasised that the retreat is not merely a forum for dialogue; and that it is a call to action. “We are committed to implementing the actionable ideas and strategies that will emerge from our discussions. With the right people in this room and a shared vision, I am confident that we can drive meaningful progress,” he said.

Cardoso said the very high money supply Inflow that includes over N30 trillion Ways-and-Means and a dysfunctional economy his administration inherited at the apex bank created much challenge for the economy.

The Vice President used the opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion. “Nigerians complain bitterly that they are unable to access even minimal cash when most needed. There seems to have been some moral hazard and adverse selection problem with the involvement of street-side POS merchants. Nigerians complain about high and arbitrary charges and exploitation by rogue agents which we are sure you will be able to tackle, with concerted efforts,” Dr Fasua said.

He said there is a need for more initiatives towards the financing of MSMEs, and we urge you to continue to support the efforts of the federal government in the area of consumer credit culture.

Shettima acknowledged that the unification of the Naira which coincided with some weakening in the local currency has spurred some behavioral adjustments among Nigerians. He said the development has forced Nigerians to cut back on some foreign travels while foreign education has slowed down to the extent that many foreign universities are feeling the pains.

He said there is now more focus on local educational institutions and many world-standard facilities have now debuted in Nigeria. “The weakening of the naira has also resulted in a spike in exports as the Marshall-Lerner principle in economics has kicked in for Nigeria — that a nation is likely to see an increase in exports and gain from currency devaluation if exports are price elastic.”

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Economic ReformsKashim ShettimaOlayemi Cardoso
SendShareTweetShare
Previous Post

Emefiele And The Seized 753 Duplexes

Next Post

NIMC Resolves Long-standing Financial Issues With Enrolment Partners

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Apex Bank Suspends Cashless Charges As Scarcity Spreads
Business

CBN’s Strategic Monetary Policy Hold Reflects Economic Confidence?

2025/05/23
PalmPay Partners CAC to Register 219,000 Small Businesses
Business

PalmPay To Empower 5,000 Women, Youths In Kano

2025/05/23
Access Holdings Targets 51% Stake In Angolan-based Bank
Business

Access Bank, Deloitte Collaborate To Enhance Sustainable Growth For SMEs

2025/05/23
Turkiye-Syria Earthquake: Death Toll Rises To  19,700, UN Intervenes
Business

Obasanjo, Sanwo-Olu, Adesina, Others To Speak At AgriConnect Summit 2025

2025/05/23
NOGOF Boosts Local Content In Train 7 Project To 50%
Business

IOC’s Assets Divestment Strategic Shift Towards Local Participation, Value Retention – NCDMB

2025/05/23
NNPC/FIRST E&P JV Equips 180 Schools With Digital Learning Tools
Business

NNPC/FIRST E&P JV Equips 180 Schools With Digital Learning Tools

2025/05/23
Leadership Conference advertisement
Your browser does not support HTML5 video.

LATEST

Gateway Games 2024: Team FCT Shines, Amasses 12 Medals

Group Wants Matawalle’s Return As Zanfara Gov Over Security Achievements

Barca Confirm €250m Offer For Lamine Yamal

NSF 2024: Plateau, Delta Cruise To Winning In Basketball Event

BAL: Rivers Hoopers Intensify Preparations In Abuja Ahead Of Pretoria Playoffs

Turkish Club Besiktas Eye Ola Aina

NSF 2024: Teen Star Agbo Clinches Golf Gold, Swells Team FCT’s Medal Count To 9

Modric To Leave Real Madrid After Club World Cup

I Hate Dillian Whyte – Joshua

NSF 2024: Cycling Federation Suspends Coach For Gross Misconduct

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.