Governor of the central bank of Nigeria says there is need to invest more in basic infrastructure, information technology and pay closer attention to agriculture for increased revenue into the coffers of government.
Godwin Emefiele said this is paramount at this time we are hit with recession and revenue to all tiers of government continues to dwindle while inflation also remains on the high side.
Nigeria’s consumer prices increased by 18.3 percent year on year in October 2016, following a 17.9 percent growth the previous month and above market expectations of 18.2 percent.
It is the highest inflation rate since October 2005, as prices for food continued to rise.
This and more economic challenges facing the country has being on the front burner of the government, and relevant agencies most directly affected now are the bankers who monitor, implement and regulate issues relating the financial services sector.
Reports from the National bureau of statistic reveals that Nigeria’s Gross domestic product growth declined by 0.36 percent, 2.1 percent in the 1st and 2nd quarter of 2016.
Many analysts argue that the drop in oil price and foreign exchange volatility has dealt a serious blow on the Nigerian economy.
President of the chartered institute of bankers believes the only solution is to look inwards and encourage production of made in Nigeria goods and services.
This annual gathering of bankers is aimed at promoting institutional framework for maintaining relevance of professionalism in the banking and finance industry.