Financial system key to economic growth, says Emefiele

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Oyetunji Abioye

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, says stakeholders in the country’s financial system must continue to work together to ensure that Nigeria achieves 80 per cent financial inclusion by the year 2020, from the current 50 per cent.

This target is part of the objectives of the Financial System Strategy 2020, which aims to transform the Nigerian economy into Africa’s financial hub by the year 2020.

Emefiele said the financial system was vital to economic growth and there was therefore a need for stakeholders to review the success achieved so far in the FSS2020 and map out plans to achieve the remaining goals.

He spoke in Lagos on Thursday during the 10th anniversary strategic review meeting on the FSS 2020, which was conceptualised by the CBN in 2006.

According to him, the FSS2020 strategy review meeting is geared towards an appraisal of the accomplishments of the project in the last 10 years and chart an overall strategic direction for the next three years and beyond with a view to strengthening Nigeria’s financial system to meet the unfolding challenges in both the domestic and international markets.

Emefiele noted that the strategic vision of FSS2020 “is to be the safest and most diversified financial system among emerging markets, supporting the real economy by the year 2020.”

The strategic themes of the FSS2020 are to strengthen and deepen the domestic markets; enhance integration with the external financial markets; and promote sustainable economic development.

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