Ben Agande – Kaduna
The Senator representing Kaduna Central and chairman, Senate Committee on Banking, Insurance and other financial institutions, Malam Uba Sani has said that the committee will work hard to Strengthen the Financial System and find ways to build a more resilient financial system.
A statement made available to Vanguard in Kaduna said Senator Sani stated this at this year’s International Monetary Fund World Economic Outlook session in Washington, USA.
The statement signed by Senator Uba Sani Media Consultant Danbatta said speakers at the session discussed policy options that can help build financial system buffers, reduce spillovers, and prevent potential shocks to the global financial system.
He quoted Senator Uba Sani as saying that “this topic is particularly useful in the Nigerian context as we work to maintain oversight on the actions of regulators and operators that deal with our financial institutions”.
According to an earlier IMF World Economic Focus report, the pace of global economic activity has remained weak after slowing sharply in the last three quarters of 2018.
Accordingly, the report says, momentum in manufacturing activity, in particular, has weakened substantially, to levels not seen since the global financial crisis.
“Rising trade and geopolitical tensions have increased uncertainty about the future of the global trading system and international cooperation more generally, taking a toll on business confidence, investment decisions, and global trade.
“A notable shift toward increased monetary policy accommodation—through both action and communication—has cushioned the impact of these tensions on financial market sentiment and activity, while a generally resilient service sector has supported employment growth,” the report said.
Senator Uba Sani said that the committee with strengthening the laws guiding financial institutions in order to create shock absorbers around the country’s financial systems.