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NDIC Seeks Stronger Financial System, Resilience Critical to Nigeria’s Economic Growth

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NDIC Seeks Stronger Financial System, Resilience Critical to Nigeria’s Economic Growth

The Nigeria Deposit Insurance Corporation (NDIC) has called for stronger financial institutions, sound governance and enhanced operational resilience to safeguard Nigeria’s financial system and support sustainable economic growth.

The NDIC Managing Director, Mr. Sunday Oludare Thompson, represented by the Executive Director, Corporate Services, Mrs. Emily Chidinma Osuji, made the call in a goodwill message at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Thompson said the changing global economic environment had made resilience an essential component of financial sector stability, stressing that financial institutions must be adequately prepared to withstand economic shocks and emerging risks.

He reaffirmed the NDIC’s commitment to initiatives aimed at strengthening confidence in Nigeria’s banking system, protecting depositors and promoting stability across the financial sector.

According to him, building a resilient financial system requires effective governance, strong capital buffers, operational preparedness and policies capable of protecting businesses and households during periods of economic uncertainty.

The NDIC boss also emphasised the need for greater access to affordable financial products and credit, particularly for Micro, Small and Medium Enterprises (MSMEs), noting their importance to employment creation, enterprise development and local value creation.

He said financial institutions and other stakeholders must continue to develop innovative solutions that would enable MSMEs to access funding, markets, technology and other resources required to expand their operations.

The NDIC further urged stakeholders to strengthen infrastructure and investment while promoting policies that would cushion the effects of economic disruptions on vulnerable groups.

The corporation said the theme of the conference, which focused on building a resilient economy in an era of disruptions, was timely given the growing geopolitical tensions, energy challenges, supply-chain disruptions and technological changes affecting economies across the world.

Earlier, the President and Chairman of Council of CIBN, Dr. Dele Alabi, said Nigeria must strengthen its economic and financial resilience through closer coordination of fiscal, monetary and industrial policies.

Alabi noted that global disruptions, including conflicts, rising energy costs, supply-chain challenges and rapid technological advancement, continued to pose significant risks to economies.

He called for stronger domestic production, improved food supply, increased financial inclusion and greater support for MSMEs as part of efforts to build a sustainable economy.

The CIBN President said Nigeria’s estimated 10.6 million MSMEs accounted for about 97 per cent of businesses, 88 per cent of employment and 46 per cent of the country’s GDP, stressing that their growth was crucial to economic transformation.

Also speaking, the Chairman of the Body of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Mr. Oliver Alawuba, said resilience must be built before economic crises occur.

He identified infrastructure, transport, energy, supply chains and sound economic policies as critical areas requiring sustained investment and collaboration between the public and private sectors.

The conference brought together banking and finance professionals, regulators, policymakers, business leaders and other stakeholders to deliberate on strategies for strengthening Nigeria’s financial system and building an economy capable of absorbing future shocks.

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