By Zainab Ahmed
I am highly honoured and delighted to be here and to give a goodwill message at this summit which is being organized by the Vanguard Newspapers in association with the Central Bank of Nigeria (CBN) and the Bankers committee.
I wish to commend the organizers for gathering top policy makers and operators in the banking and finance industry here today for this all-important summit which is focused on the banking sector in Nigeria.
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The theme of this summit “Bankers Initiative for Economic Growth” is indeed topical, and couldn’t have come at a better time, considering that the banking sector in Nigeria is passing through a critical and decisive path in terms of reforms to reposition it to effectively impact on different sectors of the economy and the need to generate a more revenue for economic growth.
Let me, at this juncture, specially appreciate the presence of the Vice president of the Federal Republic of Nigeria, Professor Yemi Osinbajo, I also acknowledge the Governor of the Central Bank of Nigeria Mr. Godwin Emefiele. Likewise, I appreciate the leadership of the Chartered Institute of Bankers of Nigeria led by its President, Mr. Bayo Williams Olugbemi. Special thanks also go to the Editor-In-Chief of Vanguard Newspaper Mr. Gbenga Adefaye and other senior management of the Bank who are present here today. And to everyone at this event whether in person or virtually, I acknowledge you.
Economic Growth
Bankers play a crucial role in economic development. However, the impact of the banking system on the rest of the economy depends on how it mobilizes savings, allocates the savings, monitors the use of the funds by firms and individuals, pools and diversifies risk, including liquidity risk, and eases the exchange of goods and services. When the banking system performs well, it tends to promote growth and expand economic opportunities. Economic growth is about enhancing the productive capacity of an economy by using available…
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