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CIBN seeks special intervention fund for real, agric sectors

By on September 19, 2013

The Chartered Institute of Bankers of Nigeria (CIBN) has called on the Federal Government to intensify the implementation of infrastructure development programmes and provide special intervention funds for real and agricultural sectors in order to ensure the success of the ongoing economic diversification agenda.

In his welcome Address at the 7th Annual Conference of the Institute held in Abuja, the President, Mr. Segun Aina, noted that diversification of the country’s economic base had become more imperative in view of the increasing uncertainties in the international oil market and the quest by countries for alternative energy sources.

While noting that the government has done fairly well in areas of appropriate policy frameworks and reforms in the power, financial services and agricultural sectors required to attract investments and re-position the economy on the path of sustainable growth, he said that there is still more to do in areas of translating the transformation plans to assets in terms of adequate infrastructure, cheaper, long term funds and other critical needs.

He said “In the year 2009 and 2010, the conference recommended the fast- tracking of the proposal for the development of a Competency Framework and you are all aware that in November 2012, the Central Bank released the guidelines for the implementation of the competency Framework for the Nigerian Banking industry with the Institute as the sole accreditation and certification agency.

‘’However, there are other key recommendations for which we are expecting positive outcomes. These include issues related to the diversification of the economy away from oil, given the uncertainties of the oil and gas sector globally.

“This has become imperative especially with the threat posed by the quest for alternative energy sources and the discovery of shale oil and gas .Also ,the issue of the unique and coordinated National Identification Programme is yet to be completed while provision of adequate infrastructure still remains a major challenge ‘’, Aina added.