In line with the forecast of the April 2018 World Economic Outlook (WEO), which projects global growth to reach 3.0 percent between 2018 and 2019, the rate of expansion appears to have peaked in some major economies, while growth has become less synchronised pointing the way for Nigeria economic diversification, especially government revenues.
In the United States, near-term momentum in the economy is expected to strengthen temporarily in line with the April WEO forecast, with growth projected at 2.9 percent in 2018 and 2.7 percent in 2019. Imports are set to pick up with stronger domestic demand, increasing the US current account deficit and widening excess global imbalances.
Although growth projections was revised downward for Argentina, Brazil, and India in early 2018, however, India’s GDP growth rate was later expected to rise to 7.3 percent in 2018-2019, making it the world’s fastest-growing economy.
“Emerging market and developing economies have experienced powerful crosswinds in recent months: rising oil prices, higher yields in the US, dollar appreciation, trade tensions, and geopolitical conflict. The outlook for regions and individual economies thus varies depending on how these global forces interact with domestic idiosyncratic factors,” Kola Abdul, MD, Brent Mortgage Bank Limited, said.
Abdul, who is the immediate past branch chairman, Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, stated this at the 2018 annual general meeting (AGM)/election of new executive committee members of the institute.
Peter Ashade, chairman, CIBN Lagos State branch, said adoption of high-level technology would drive the branch operations and programmes going forward. “This administration will leverage on technology to develop a training model that will be digital-driven and user friendly thereby reducing the number of physical lecturer/student interface at a location,” he stated.
According to Ashade, it is important that the institute key into the new trend of technology to ensure it stays competitive both locally and internationally. “Our use of technology will be two-pronged. One, to drive learning and development programmes; and two, to drive awareness and involvement of members in the national and branch activities through efficient use of digital channels,” he said.
With increasing adoption of digital media channels across board, it is imperative to adopt and adapt the use of digital channels to drive publicity for the institute. “In enhancing visibility of the institute in line with our digital adoption strategy, the existing information and communication technology infrastructure will be further enhanced for efficiency,” he said.
This strategic direction will be driven by shifting workplace priorities in the banking and finance sector of the Nigerian economy accentuated by emerging technology and changing trends in business, which are already causing disruptions to business model.
“As we roll out different programmes and campaigns through all digital channels, we encourage all members to support the campaigns by engaging with the posts as much as possible to ensure that we reach a larger audience,” Ashade said, as he called for collaboration in moving the branch forward.
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