Minister suggests broadening of financial system for sustainable economic growth

The Federal government has boasted about the size of the Nigerian market stating that the country contributes 76 per cent of trade in ECOWAS and also has the largest economy of over $500 billion in Africa.

Speaking in Abuja on Thursday, the Minister of Industry, Trade and Investment, Otunba Adebayo said the implementation of the African Continental Free Trade Area Agreement (AfCFTA) will enhance Africa’s capacity to unlock growth and create jobs by building the nation’s industrial capacity, enlarging her productivity and becoming competitive globally.

“To put this in context, Nigeria contributes an estimated 76% of total trading volume in the ECOWAS region. This is made possible because of the ECOWAS treaty which provides for the free movement of people and goods throughout 15 West African countries. The AfCFTA grants access to 54 countries with a population of around 1.3 billion and a market value of about $3.4 trillion.

“The Federal Government of Nigeria through the Ministry of Industry, Trade and Investment recognise the importance of attracting and retaining patient investment in our economy. The Ministry has continually engaged relevant MDAs to implement policies that will help to achieve this goal,” he said.

The Minister explained that “as the economy grows, the financial services sector needs to keep pace with changing industry demands, especially in terms of assessing the prospects for risk and return. Sustainable growth of the economy needs to be underpinned by a broadening and deepening of the financial system, capable of serving the needs of all parts of the economy.

“Economies that have sustained long-term growth has experienced enormous structural change, as they have shifted from being predominantly rural and agricultural to a more urban, manufacturing-and-service-based structure”.

According to a statement from Ifedayo Sayo, Adebayo stated further that “this was certainly the history of many industrialized countries, as the countries economies diversified, their financial systems grew in-depth and breadth.”

He said with Nigeria presently experiencing economic growth, there is a need for the development of a healthy financial sector.

“Emphasis is being placed on reforms that strengthen the rights of borrowers and lenders, strengthen the credit rating system, lower the costs of obtaining credit and streamline dispute resolution” he added.

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