CBN Identifies Growth Areea in Consolidation
THE Central Bank of Nigeria (CBN) identified the absence of an effective national identification system as one of the factors working against the desire of banks to lend money to
Nigerians and the problem must be urgently addressed according to Prof. Soludo.He made this known during his presentation at a national seminar on 'Banks and National Economy: Progress, Challenges and the Road Ahead' put together by the apex bank,he noted that the banking and telecoms sectors were the fastest growing in the economy. He maintained that the sectors were driving the emergence of a new economy and growth.
He mentioned that finance alone will not see Nigeria to Financial Systems Strategy (FSS) 2020 - a vision to make Nigeria one of the 20 biggest economies by 2020 - as other ingredients of economic growth which will depend on an accelerated reform in other sectors.The CBN boss also stressed the need to fast track other reforms, particularly infrastructure, security, judiciary, education, among others.He said that credit to the private sector grew by 51.2 per cent in 2007, while that of SMEs grew by 9.8 per cent in 2007.
The paper looked at the progress so far with respect to the contributions of banks to the Nigerian economy, post-consolidation, the challenges faced by them and the prospects in the medium to long-term. Drawing attention to why lending rates are still high in the country, he pointed out that the cost of funds for banks was still high.He said in a risky business environment, banks price risks differently for different borrowers. There is also uncertainty about future inflationary trends. Poor infrastructure means that banks' operating costs are very high. The high overhead costs of banks also affect emoluments while financing of budget deficits crowds out the private sector.
He wants the government to continue to maintain macro stability through low price inflation, calling on the National Assembly to amend the Banks and Other Financial Institutions Act before it. To fast-track markets/institutions for efficient credit system, Soludo called attention to the need to fast-track legal and institutional reforms. Speaking on the need to mainstream a commercial court system throughout Nigeria, the CBN governor said this would help to dispose off commercial cases fast and efficiently.
And to reduce cost of funds for banks, Soludo identified the need to address the problems in critical infrastructure like power, transport, ports and water. Others, according to him, are the need to implement mortgage and consumer credit, deepened and mainstream microfinance system, continued strengthening of regulatory and supervisory capacity and capacity building for bank staff
Nigerians and the problem must be urgently addressed according to Prof. Soludo.He made this known during his presentation at a national seminar on 'Banks and National Economy: Progress, Challenges and the Road Ahead' put together by the apex bank,he noted that the banking and telecoms sectors were the fastest growing in the economy. He maintained that the sectors were driving the emergence of a new economy and growth.
He mentioned that finance alone will not see Nigeria to Financial Systems Strategy (FSS) 2020 - a vision to make Nigeria one of the 20 biggest economies by 2020 - as other ingredients of economic growth which will depend on an accelerated reform in other sectors.The CBN boss also stressed the need to fast track other reforms, particularly infrastructure, security, judiciary, education, among others.He said that credit to the private sector grew by 51.2 per cent in 2007, while that of SMEs grew by 9.8 per cent in 2007.
The paper looked at the progress so far with respect to the contributions of banks to the Nigerian economy, post-consolidation, the challenges faced by them and the prospects in the medium to long-term. Drawing attention to why lending rates are still high in the country, he pointed out that the cost of funds for banks was still high.He said in a risky business environment, banks price risks differently for different borrowers. There is also uncertainty about future inflationary trends. Poor infrastructure means that banks' operating costs are very high. The high overhead costs of banks also affect emoluments while financing of budget deficits crowds out the private sector.
He wants the government to continue to maintain macro stability through low price inflation, calling on the National Assembly to amend the Banks and Other Financial Institutions Act before it. To fast-track markets/institutions for efficient credit system, Soludo called attention to the need to fast-track legal and institutional reforms. Speaking on the need to mainstream a commercial court system throughout Nigeria, the CBN governor said this would help to dispose off commercial cases fast and efficiently.
And to reduce cost of funds for banks, Soludo identified the need to address the problems in critical infrastructure like power, transport, ports and water. Others, according to him, are the need to implement mortgage and consumer credit, deepened and mainstream microfinance system, continued strengthening of regulatory and supervisory capacity and capacity building for bank staff
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