The African Continental Free Trade Area (AfCFTA) with its focus on intra-Africa trade, and the pilot Pan African Payment and Settlement System (PAPSS), are drivers of growth in the near to medium term, the Central Bank of Nigeria (CBN) has asserted.
Another growth driver is the increased funding and opportunities from the climate change conference (COP 26), said Aisha Ahmad, deputy CBN governor in charge of financial system stability.
Ahmad spoke at the 40th anniversary summit of the Financial Institutions Training Centre (FITC), in Lagos, last weekend.
“The AfCFTA and its focus on intra-Africa trade, the pilot of the Pan African Payments and Settlement System (PAPSS) and Africa’s positioning to benefit from the increased funding and opportunities as part of the outcomes of the climate change conference (COP 26), are just a few critical drivers that should fuel growth in the near to medium term,” she said.
According to her, Africa, a diverse continent of 54 countries, rich with enormous and diverse talent, material, and natural resources should be well positioned to deliver prosperity, create wealth and higher living standards for its over 1 billion citizens.
However, she was worried that the continent is yet to fully realize and harness this potential. “The problems and idiosyncratic challenges have been well documented,” she said.
She asserted that there is significant room for the continent to leverage the bright spots, particularly the digital transformation and technology innovation being witnessed in the economy and financial ecosystem to foster more prosperity and reduce income inequality.
This innovation, she said, has intensified growth in the size and significance of banks and other financial institutions, created new opportunities for new entrants and increased integration with global finance and capital markets.
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Ahmad said the FITC’s steady growth trajectory has only been possible due to the committed investment of the trustees, including the Nigerian Bankers Committee, the CBN, the Nigeria Deposit Insurance Corporation (NDIC) who have financially supported the company’s operations over the years and other key stakeholders – from regulators, government agencies and members of the academia who have served on its council.
FITC has benefitted from dynamic and dedicated leadership at both board and management level (8 chairmen and 5 CEOs) who have provided steady, passionate leadership over the years.
This strong leadership, she said, has directed and superintended at least four restructuring plans which charted new strategic visions for FITC. This, coupled with a well refined CEO succession plan has created the longevity, resilience and transformation witnessed in FITC.
“Our company’s many awards for excellence earned over the years are an unmistakable validation and testament to this heritage”.
Chizor Malize, managing director/CEO, FITC, said the anniversary summit was one of the events lined up to celebrate 40 years of the establishment of FITC, the foremost knowledge solution organisation for the Nigerian financial sector.
The summit, she said, was the gathering of international financial experts, policy makers, development economists, thought leaders and other key private and public sector stakeholders within the financial system and other critical sectors in and beyond Africa.
