FSS 2020 Has Helped in Financial Re-engineering – CBN
- By Simeon Ogoegbulem
- Published September 19th, 2011
- News
- Unrated
Mallam Sanusi Lamido Saunsi, governor of the Central Bank of Nigeria (CBN), has said that the Financial Sector Strategy (FSS 2020) has helped tremendously in the efforts of the regulatory bodies in the financial reengineering of the economy.
FSS 2020 seeks to make all financial institutions in the country work seamlessly to make the country’s economy one of the safest in the world by 2020.
Sanusi, who spoke at the Strategy Master Execution Class held in Abuja, noted that full implementation of the strategy, would help make Nigeria Africa’s financial hub. “The FSS 2020 programme is a holistic programme whose vision is to make Nigeria’s financial system the safest and fastest growing among the emerging markets,” he said. “We propose to create a financial system that is surplus to domestic requirements and also create a Nigerian intentional financial centre.”
According to him, while “this may not be the appropriate forum to sing the success stories of the FSS2020 initiative, suffice it to say that it is arguably the most comprehensive financial reform programme going on in the world today.”
Sanusi noted that the various sectors of the economy have shown tremendous improvement, in spite of the adverse impact of the global financial crisis that has been on since late 2008. “In the banking sector, the dramatic drop in the levels of non- performing loans and the structured growth of the banks in the areas of capitalization, capital adequacy and liquidity ratio, are restoring confidence in our economy,” he said. “The banks are on the road to recovery and I have no doubt that we have put in place the relevant measures to grow the banking sector along the lines of international best practices.”
Sanusi assured that the sector is deepening the yield curve in the financial markets noting that the level of transparency and efficiency in those markets is rising dramatically. He boasted that “serious investors are coming back to the Nigerian market”. He disclosed that CBN has also “embarked on a comprehensive review of our legal framework so that we can create the ambient environment for economic growth and development.”
On the payments systems, Sanusi expressed confidence that “Nigeria will have a modern payment system comparable to what obtains in other developed economies.”
Earlier, Dr Robert Kaplan, chairman of a company handling the training, commended CBN’s efforts for the sponsorship. He said the FSS should be a continuous process if the nation desired to grow its economy.
Kaplan added that there was the need for financial statements of various institutions to be accurate, adding that transparency in the sector would help to achieve the mandate of the strategy.
FSS 2020 seeks to make all financial institutions in the country work seamlessly to make the country’s economy one of the safest in the world by 2020.
Sanusi, who spoke at the Strategy Master Execution Class held in Abuja, noted that full implementation of the strategy, would help make Nigeria Africa’s financial hub. “The FSS 2020 programme is a holistic programme whose vision is to make Nigeria’s financial system the safest and fastest growing among the emerging markets,” he said. “We propose to create a financial system that is surplus to domestic requirements and also create a Nigerian intentional financial centre.”
According to him, while “this may not be the appropriate forum to sing the success stories of the FSS2020 initiative, suffice it to say that it is arguably the most comprehensive financial reform programme going on in the world today.”
Sanusi noted that the various sectors of the economy have shown tremendous improvement, in spite of the adverse impact of the global financial crisis that has been on since late 2008. “In the banking sector, the dramatic drop in the levels of non- performing loans and the structured growth of the banks in the areas of capitalization, capital adequacy and liquidity ratio, are restoring confidence in our economy,” he said. “The banks are on the road to recovery and I have no doubt that we have put in place the relevant measures to grow the banking sector along the lines of international best practices.”
Sanusi assured that the sector is deepening the yield curve in the financial markets noting that the level of transparency and efficiency in those markets is rising dramatically. He boasted that “serious investors are coming back to the Nigerian market”. He disclosed that CBN has also “embarked on a comprehensive review of our legal framework so that we can create the ambient environment for economic growth and development.”
On the payments systems, Sanusi expressed confidence that “Nigeria will have a modern payment system comparable to what obtains in other developed economies.”
Earlier, Dr Robert Kaplan, chairman of a company handling the training, commended CBN’s efforts for the sponsorship. He said the FSS should be a continuous process if the nation desired to grow its economy.
Kaplan added that there was the need for financial statements of various institutions to be accurate, adding that transparency in the sector would help to achieve the mandate of the strategy.
