Financial sector strategy 2020 will not fail – CBN

The Central Bank of Nigeria on Thursday assured that the Financial System Strategy which would avail ascertain that Nigeria had the most diversified financial system among emerging economies by 2020 will not fail.

The Head, FSS 2029 Unit, CBN, Engr Oluwatoyin Jokosenumi verbalized this while verbalizing at a seminar on “GDP rebasing and implicative insinuations for FSS 2020.”

He noted that unlike other past programmes of regime that failed in the past, the FSS would prosper.

He verbalized following the rebasing of the economy, there was need to have a financial system that would fortify the diversified nature of the economy.

He argued that if the Nigeria economy is to achieve its desired magnification rate of seven per cent after rebasing, it implicatively insinuates that the country would have to post a much more sizably voluminous level of economic output that would be more preponderant than what it was currently doing.

He verbally expressed, “In FSS 2020, we believe implementing the transformational programs will positively influence the economic output and ultimately meet and exceed the desired economic magnification rate target of seven per cent.

“I have the confidence that this strategy will not fail because there is a step by step framework to achieving this vision.

“The framework is predicated on a process engineering strategy, the first is that we conceptualized the conception, afore we move into orchestrating and then execution.

“We will ascertain the monitoring of the project and ascertain that all the associated risks are addressed.”

On implicative insinuation of the FSS 2020 vision for the financial markets, he verbalized the apex bank would work with the regime on fiscal and structural policy as the substructure for long term stability of the financial system.

“We will work with the regime to put an incentive structure for astronomically immense companies to list on the Nigerian Stock Exchange.

“We are additionally working with the regime in operationalising the commodities exchange market,” he verbalized.

For the pension sector, he verbally expressed the CBN would collaborate with key stakeholders to structure and develop products congruous for pension investments.

The move, according to him would enable Pension Fund Administrators to invest more in domestic infrastructure projects.