Lagos CIBN seeks ways to repower economy at bankers’ nite

Concerned by the prevailing challenges of the Nigerian economy, which is almost at the verge of recession, the Chartered Institute of Bankers of Nigeria (CIBN), Lagos branch, plans to come up with solution for a rebound.

To achieve this, the institution will on Thursday assemble eminent bankers to brainstorm on “Repowering Nigerian Economy: The Strategic Imperatives,’ which is the theme of this year’s Lagos Bankers’ Nite.

Taiwo Ige, chairman, CIBN, Lagos branch, said there was need to put economic strategies in place to resuscitate the ailing Nigerian economy so that it does not get worse than presently experienced.

“We need a pragmatic approach to the economic realities we have found ourselves, because everyone appears frustrated. We need to look inward. Economically, we know where we are going but how do we get there? Resolving economic logjam is an all-inclusive, everybody has a role to play – not just government alone. The average Nigerian propensity for foreign goods will have to be addressed,” Ige said at a press conference in Lagos.

Among those who address journalists concerning the occasion include Peter Ashade, second vice chairman, CIBN Lagos branch, Kola Abdul, first vice chairman, CIBN Lagos branch, Ndubuisi Onuoha, group head, specialised SMEs, Fidelity Bank plc, and Ola Olabinjo, chairman, Lagos Bankers’ Nite Committee, who was represented by Jompe Lawrence, head, regional compliance, Heritage Bank Limited.

In their submission, they said the Federal Government should encourage export business with adequate infrastructure and discourage importation.

“To bring the economic back on track, strategic steps must be taken. It is true government is fighting corruption, but poverty also must be addressed,” Abdul said.

“It is not only for the government or CBN, it is a collective responsibility in terms of our outlook. That is why the theme we are looking at this year’s banker’ nite underscores the fact that we still believe there is hope for Nigeria,” Ashade said.

For Onuoha, “private sector needs to be encouraged, there is no infrastructure. Federal Government needs to encourage export business and there is no way this can happen without adequate infrastructure.”

“Except we fix power in Nigeria, our aim at industrialisation, at reducing cost of production, at reducing even exchange rate, will be a mirage. When power is fixed, it will help us to reduce the amount of money spend buying petroleum product. If the amount spends on petroleum product decreases, the demand for forex will decrease by about 30 percent. If forex demand decreases by that percentage, it will help to stabilise the price,” Lawrence said.