Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has urged financial managers to work toward creating a more resilient economy that will absorb external shocks while fostering expansion in important economic sectors.
Emefiele made the announcement Thursday in Lagos at the second national risk management conference.
The CBN Governor, who was represented by the Director of the Financial Market Department, Dr. Angela Adewunmi, spoke on the theme of “Financial system development and economic growth,” and stated that these two factors are extremely important in creating a better Nigeria.
Emefiele stated that tackling financial system risks is one of the most crucial jobs to accomplish at this crucial time, noting that a lot has changed over the past two years as a result of COVID-19.
“Our vigilance over this sector can never be relaxed and there is a lot for risk managers and their allies and associates to discover, learn and master.
“This meeting of professionals from various institutions in the financial sector and other sectors of the economy is very important as it provides a platform and the necessary opportunities to communicate with stakeholders and ways to improve the practice of risk management and strengthen organisational structure.”
He made the point that, even if opening up the country’s financial system and managing it well will bring new opportunities that will spur economic growth, countries with open financial systems prosper faster over the long term.
“To prepare for the unexpected, it is important to identify, measure, and prioritise risks with some precautionary measures if we hope to keep building our financial system.
“Our strategic focus centered around the ‘people’ who act as a financial catalyst for job creation and inclusive economic growth of our country.
“We are continuously working to create an enabling environment that will drive both public and private sector participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution and accretion to the foreign reserves.
“We also seek to improve access to credit for households and businesses which will enhance productivity and create value across a wide range of economic activities”, he added.
He added that technology is currently a vital requirement for risk management.
Earlier during the event, Dr. Blaise Ijebor, Director of Risk Management, on behalf of Edward Adamu, Deputy Governor, Corporate Service, CBN, invited participants to come up with ideas that would help enhance the financial system to ensure sustainable growth.