Ken Okpara, president of the Chartered Institute of Bankers of Nigeria (CIBN) has said that the growth in contributions of the financial services sector to GDP is driven by an increase in the number of people using financial services.
“We have seen increase in the number of people using financial services and the banking system, we began to create platforms not necessarily physical structures where customers can get our services which reduced the cost of banking and other services reduced which also added to the bottom line, and the efficiency of the sector has also improved which added to the returns you’re seeing and we will continue to play our role as a pillar in providing support to the economy,” he said.
He stated this on Monday at a pre-conference media parley of the 16th annual banking & finance conference themed, “Nigeria’s Economic Growth and Empowerment the Role of the Financial Services Industry. It is be held from September 5th-6th at Transcorp Hilton Hotel Abuja.
Nigeria’s financial and insurance sector has recorded a 5.47 percent increase over the previous quarter’s result, the latest data from the National Bureau of Statistics (NBS) has shown.
NBS stated that the contributions of the finance and insurance sector to real GDP totaled 5.35 percent in the second quarter 2023.
Bukola Smith, Managing Director, FSDH and chairman of the consultative committee of the conference said the theme of the event is predicated from the need for stakeholders in industry to drive conversations and design a clear road map for repositioning the financial service industry as an indispensable propeller of the Nigeria’s economy growth, empowerment and stability.
Smith said “The resolutions of the conference will be made available to all relevant stakeholders and policy makers to enable them reappraise and realign their operations towards reducing poverty, increasingly shared prosperity and promoting sustainable development especially as the new government is desirous of implementing reforms that will the transform the economy and general wellbeing of our citizens.”
The conference is an annual event and a large gathering of banking and finance professionals in Nigeria and Africa, with an estimated audience of 10,000 comprising professionals, policymakers, regulators, members of the academia, operators, and other stakeholders in the financial services industry.
She said that there’ll be a pre conference event on September 4, targeted mainly for Gen Z’s and millennials.
She mentioned that Bola Tinubu, president of Nigeria is expected to inaugurate the conference, while Fola Shonubi, acting governor of the central bank will be delivering a goodwill message, and Shubham Chaudhuri, country director World Bank will be delivering the keynote address .
Some other guest and speakers include, Wale Edun, minister of finance; Nyesom Wike, minister of the federal capital territory; Tope Aladenusi, Partner and Regional Leader of Deloitte; Adedoyin Odufa, chief strategist Deloitte; Olayinka David-west, associate dean Lagos Business School; Nneka Onyeali-Ikpe MD/CEO, Fidelity Bank, John Chukwu, CEO Crowrywise Asset management, Tinuade Awe, chief executive officer, NGX Regulation Limited, Kashifu Abdulahi, director general National Information Technology Development Agency, among others.
Some of the discussions at the event include, Monetary policies and financial inclusion; bridging the gaps, Impact of global economies trends on Nigeria foreign exchange and the way forward, Unlocking economic growth and development through MSME financing, ESG in financial service industry challenges opportunities and the next step.