The Nigeria Deposit Insurance Corporation (NDIC) has recommitted to the realization of the Financial System Strategy (FSS 2020), the initiative aimed at making Nigeria the financial hub of the African Continent, in the next four years. The Managing Director (MD) of the corporation, Alh. Umaru Ibrahim, who met with the FSS 2020 team in Abuja, yesterday, said that the commitment to the realization of the objectives of the initiative was in line with the mandate of the NDIC.
He noted that work on the vision had been slowed down, after its launch many years ago and that all stakeholders should work in harmony to make the dream come true.
He said, “There is need for all stakeholders to make necessary contributions to the FSS 2020 policy in order to achieve a robust and virile financial system in the country. We can’t make progress as an economy without a robust and virile financial system.”
The Central Bank of Nigeria Director in charge of FSS 2020, Mr. Mohammed Garba, said that although there a lull in the FSS 2020 activities at a point, the current management has decided to accelerate work on the vision, in view of the short period to the target year.
He identified the financial market comprising the money and capital markets, Micro Small and Medium Enterprises (SMEs), the mortgage and pension as strategic sectors that must synergise to achieve the vision of making Nigeria, Africa’s financial hub.
The director identified human capital development, integrated information technology, review of legal and regulatory framework, as well as, advocacy and public relations, as the enablers of the vision, requiring various state actors’ collaboration to succeed.
Consequently, Mr. Garba said that some Bills have been prepared by the technical team and were being sent to the Office of the Attorney General of Federation and Minister of Justice for onward transmission to the Federal Executive Council.
He said that funding had been an issue, as only the apex bank had been financing its activities, therefore urging the NDIC and other institutions to provide monetary resources for the FSS activities.
