• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, June 23, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Banking sector ready for challenges, opportunities – CIBN

Banks

The Matters Press by The Matters Press
January 24, 2024
Reading Time: 3 mins read
0
Fraud in banking sector, mostly insider instigated

Lagos, Jan. 24, 2024: The Chartered Institute of Bankers of Nigeria (CIBN) says the banking sector has overcome past challenges and it is preparing for a future with both difficulties and opportunities.

RELATED POSTS

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

ECOWAS, Sahel states in deal to confront terrorism

The President/Chairman of Council, Dr Ken Opara, said this at the 10th National Economic Outlook, organised by the CIBN Centre for Financial Studies, in collaboration with B. Adedipe Associates Ltd., on Tuesday in Lagos.

The meeting had the theme, “Implications for Businesses in 2024’’.

The CIBN chairman said that the banking sector faced significant challenges including non-performing loans, inflation, forex scarcity, and cybersecurity threats.

Despite these difficulties, Opara said that the sector demonstrated resilience, meeting regulatory benchmarks and maintaining stability.

He said that the challenges and lessons learned from 2023 would guide the future of the banking industry.

Opara said, “ However, the lessons learned from 2023 will undoubtedly serve as a guidepost for the future.

“Continued economic stability, effective regulatory measures, and proactive risk management will be crucial as our financial institutions navigate the complexities of the year 2024.

“In the face of adversity, we trust that our banking sector will not only weather the storm but emerge stronger, more resilient, and better equipped to contribute to the sustained growth and prosperity of our nation as we share insights on how we can navigate the economic terrain in 2024 and beyond.’’

He noted that the economic landscape presented both challenges and opportunities, urging the government to diversify the economy by supporting the Small and Medium-sized Enterprises (SMEs).

He advised the government to promote exports, and add value in key sectors like agriculture and manufacturing.

Opara also saw the need for banks to prepare for capitalisation, build buffers, embrace digital transformation, and develop innovative solutions for SMEs and vulnerable sectors.

“Nigerian banks, meanwhile, must proactively prepare for capitalisation to service the desired $1trillion economy by 2026 amidst economic uncertainties.

“Building buffers to withstand potential shocks e.g aiming for the optimal capital0q adequacy ratio would enhance their resilience and ability to support economic growth.

“Additionally, embracing digital transformation and developing innovative financial solutions tailored to SMEs and other vulnerable sectors will be key to navigating the evolving economic landscape successfully,’’ he stressed.

On his part, Mr Muhammad Abdullahi, Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), expressed the bank’s commitment to supporting businesses and fostering a sustainable economic environment in Nigeria.

Abdullahi, represented by Dr Mohammed Tumala, Director Monetary Policy Department, CBN, highlighted the government’s efforts to create a more conducive business environment and diversify the economy beyond oil.

He noted that government efforts were aimed to attract investment, generate foreign exchange, and support the growth of various sectors like agriculture, manufacturing, and technology, ultimately leading to a more stable and prosperous future for Nigerian businesses and the economy as a whole.

Abdullahi said, “furthermore, the commitment to fostering a conducive business environment is paramount.

“The new administration’s push for streamlining regulations, reducing bureaucratic hurdles, and promoting transparency could encourage both local and foreign investments.

“Such measures could provide businesses with the confidence and stability needed for sustained growth.

“The government’s focus on promoting non-oil exports like agriculture, manufacturing, and technology, offers fertile ground for new businesses and the growth of trade.

“Increased non-oil exports can help to improve the trade balance, reducing the deficit and generating the needed foreign exchange reserves. This can stabilise the currency and attract foreign investment.

“Also, promoting manufacturing and processing would add value to raw materials before export, generating higher profits and boosting competitiveness in the global market.

“Similarly, encouraging technology exports fosters innovation and research and development, leading to a more technologically-advanced economy, and potentially driving further economic growth.’’

The Founder/Chief Consultant of B. Adedipe Associates Ltd., Dr ‘Biodun Adedipe, therefore, urged the government to actively implement the reforms it has announced.

He said that successful execution of these reforms was crucial for achieving positive outcomes for the country.

“As policy advocates, what we want to do is to encourage them to execute all these reforms that they have announced because of all the outlooks that people are doing all over the world; there are some very funny and strange projections for Nigeria.

“But, every one points to the reforms that we are doing in Nigeria, which means what is important for us is to execute the reforms,’’ Adedipe said.

Tags: Banks
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Buhari urges Nigerians to maintain peace as he promises free, fair polls
Economy/Technology

TDF extols Buhari for supporting Tinubu’s reforms

June 19, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
News

Tinubu’s mid-term scorecard, a glimpse of coming dividends – TMSG

June 19, 2025
Next Post
Tinubu meets Chevron’s leaders, unveils plans for oil, gas sector

Tinubu meets Chevron’s leaders, unveils plans for oil, gas sector

Global trade’ll grow to $30tn by 2030

Ministers, Governors seek deeper India-Nigeria trade cooperation

Recommended Stories

New homes for displaced persons in Borno excites Buhari

FMBN, company inaugurate 28 flat units in Lagos

May 7, 2023
44-year-old Faye Sworn-In As Senegal’s President

44-year-old Faye Sworn-In As Senegal’s President

April 2, 2024
Swiss Bank expects profit of $50bn

Trillion dollar economy possible in Nigeria – Tinubu

November 29, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF
  • Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years
  • ECOWAS, Sahel states in deal to confront terrorism

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us