By Providence Eboh
The Chartered Institute of Bankers of Nigeria CIBN, have expressed confidence in the ability of the Nigerian economy to progress amidst the current economic and political stability witnessed in the country.
President of the Institute, Mr. Laoye Jaiyeola, FCIB, represented by Mr. Segun Aina made the statement, during the 14th Bankers Nite of the Institute held Thursday at the Federal Palace Hotel, Lagos.
Speaking on the theme, “Leveraging on Political Stability for Sustainable Economic Development,” Jaiyeola said the topic is timely given the level of the country’s political system and the various ongoing reform in the country.
He said Political stability is sinequanor to the growth and development, as well as foreign investors participation in the economy, stating that the topic was to reflect political developments in the country and imperative to explore ways to move the economy forward.
“The country can not achieve a meaningful progress without political and economic stability and there will not be economic progress without the assistance and support of bankers”, he said.
Speaking on Micro Finance Banks, MFB he disclosed that the institute, in collaboration with CBN have started the certification of MFB, and with full support from the Nigerian Deposit Insurance Company NDIC.
However, he encouraged operators in the sectors, saying “as professional bankers we must strive to live above board in pursuance of our responsibility”.
Chairman of the event, Oba Otudeko said the financial sector remains the integral part of the economy despite what happened in the banking sector, adding that the economy need urgent remuneration.
Otudeko noted that the sector need to encourage risk management, “We have to check our selves in the manner at which we practice our profession, am not unaware of the challenges that we currently have, we need to look at the liquity challenge”.
According to him, the progress that we need, is to make public private sector partnership, this is the surest and the only viable way that issue of development of our society can be addressed”.
Chief Executive of the Nigerian Stock Exchange Mr. Osacar Onyema, who was the guest speaker disclosed that political stability will unlock the door to economic development. Oscar pointed that in the 1980, the Latin American’s also experienced economic crisis and external debt burden which led to the erosion of credit worthiness.
He said, “Political stability, economic development and financial market, work hand in hand”