Okonjo-Iweala: Nigerian’s Banking Sector Has Contributed Immensely to the Development of the Country

 

Nume Ekeghe

The Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has applauded the stability of the Nigerian banking sector citing it as a catalyst to the recovery and development of the country.

She also noted that the emergence of innovations in financial technology (FinTech) would continue to play a role in the stability and growth of the banking sector.

She said this virtually over the weekend at the Chartered Institute of Bankers of Nigeria (CIBN), 2021 Fellowship Investiture where she was conferred as a fellow of the CIBN.

She said: “Nigerian’s banking sector has contributed immensely to the development of the country but there is still so much to be done. And our financial services industry, including the emerging FinTech sector, as a stronghold to play.

“The theme of your deliberation regarding Nigeria’s debt profile and its implications for sustainable development is a very important one. If there is a group that has the necessary professional insight on issues of debt, and debt, sustainability be it at the individual, institutional or national level, it is you.”

Speaking on her fellowship, she applauded the institute on its unwavering commitment to stability in the banking sector.

She added: “ it is an honor to be made a fellow of the prestigious Chartered Institute of bankers of Nigeria.

I want to thank the Institute for the excellent work it has done to uphold the professional and ethical standards of the Nigerian banking industry, as well as its efforts to educate new generations of bankers.”

Also speaking at the investiture, The Deputy Governor (Economic Policy) of the CBN, Dr. Kingsley Obiora who was also conferred as a fellow noted that the e-Naira has positioned Nigeria as a leader in the payment system landscape globally.

He said: “The e-Naira is scoring the historic first and introducing Africa’s first digital currency. And that is not a lean feat because it positions us again as a global leader in innovation and in the financial system and the payment system landscape.

Also, while delivering his paper Fiscal Policy Partner and Africa Tax Leader, PWC, Mr. Taiwo Oyedele, said said with the current fragility in economic performance , impact assessment was important.

He warned that due to the growing integration among ECOWAS countries and Nigeria’s role in the region, a debt crisis in Nigeria could spillover to other ECOWAS countries.

“Some ECOWAS countries are already showing signs of debt distress. Therefore, the situation requires urgent remedial actions, “he noted.

Oyedele said Nigeria spends actual government revenue on payment of interest on debts and barely anything left to finance development.

According to him this has been the crux of public debt sustainability for Nigeria as well as other ECOWAS countries as debt can only be serviced with revenue and not GDP or export.