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Sanusi challenges financial institutions on Financial System Strategy 2020

By on September 14, 2011

CBN governor, Malam Sanusi Lamido Sanusi, said on Wednesday in Abuja that financial institutions in the country must effectively play their roles to ensure full implementation of the Financial System Strategy 2020.

FSS 2020 seeks to make all financial institutions in the country work seamlessly to make the country’s economy one of the safest in the world by 2020.

Sanusi said on Wednesday at the Strategy Master Execution Class that full implementation of the strategy would help make Nigeria Africa’s financial hub.

“The FSS2020 programme is a holistic programme whose vision is to make Nigeria’s financial system the safest and fastest growing among the emerging markets.

“We propose to create a financial system that is surplus to domestic requirements and also create a Nigerian Intentional Financial Center.’’

According to him, each regulatory agency or financial institution in the country has a role to play in ensuring that the sector delivers on the mandate of the strategy.

He said that Master Execution Class was sponsored by the apex bank on the platform of FSS for the benefit of the entire financial system.

Sanusi observed that FSS 2020 had witnessed various successes in the country as various sectors of the economy had shown tremendous improvement in spite of adverse impact of global financial crisis since late 2008.

He said: “in the banking sector, the dramatic drop in the levels of non-performing loans and the structured growth of banks in the area of capitalisation, capital adequacy and liquidity ratio, are restoring confidence in our economy.

“The banks are on the way to recover and I have no doubt that we have put in place the relevant measures to grow the banking sector along the lines of international best practices.’’

The governor said that efforts were being made to deepen the yield curve in the financial markets adding that serious investors had returned to the Nigerian market.

He added that the CBN had embarked on a comprehensive review of legal framework to create the ambient environment for economic growth and development.

“We are confident that Nigeria will have a modern payment system comparable to what obtains in other developed economies.’’

In his remarks, chairman of a company involved in the training, Dr Robert Kaplan, commended CBN’s efforts for the sponsorship.

He said the FSS should be a continuous process if the nation desired to grow its economy.

Kaplan added that there was the need for financial statements of various institutions to be accurate, adding that transparency in the sector would help to achieve the mandate of the strategy.

(NAN)