Okonjo-Iweala, Sanusi Unite on Banking Reform
- By Nik Ogbulie
- Published September 26th, 2011
- News
- Unrated
The banking sector reform, which has faced series of criticisms from Nigerians, may have got a boost as Ngozi Okonjo-Iweala, minister of finance and co-ordinator of Nigeria’s economic development, for the first time since assumption of duties, gave Lamido Sanusi Lamido, governor of the Central Bank of Nigeria (CBN), her hands of fellowship in the sanitasition exercise which she says forms major part of the entire economic reforms process of the federal government.
While previewing the Nigerian economy beyond the banking sector reforms, the minister noted that the CBN has taken a bold step in addressing issues that have to do with the Nigerian banking sector as those steps seem very necessary if we must effectively put the entire economy in its proper pespective as a further move to mitigate the ensueing level of vulnerability the Nigerian economy is being exposed to based on recent global developments.
“Banking sector reform is a means to an end and not an end in itself as it provides one of the necessary planks in an attempt to reach to our national target”, the minister said. She noted that a successful banking sector reform added to other successful reforms in areas like agriculture, power sector, health, education and manufacturing will sum up an attempt to provide a perfect situation where the economy can be seen to have been ready for safe landing. She noted that there in no gain-saying the fact that the CBN has been moving in the right direction.
Elated by this gesture, the CBN governor noted that “I am very proud to know that the CBN is going to have a good partnership with the minister against the belief in most quarters that both of us are due for a collision course and would be proud to leverage her commanding and controlling role in the entire economy in the effort to prepare a virile banking platform that can be a boost to all she would want to do with the economy. Sanusi said that many Nigerians had reasoned that the arrival of the new minister of finance will dim the reform which is being prepared to encourage safe financial intermediation from all sectors.
While previewing the Nigerian economy beyond the banking sector reforms, the minister noted that the CBN has taken a bold step in addressing issues that have to do with the Nigerian banking sector as those steps seem very necessary if we must effectively put the entire economy in its proper pespective as a further move to mitigate the ensueing level of vulnerability the Nigerian economy is being exposed to based on recent global developments.
“Banking sector reform is a means to an end and not an end in itself as it provides one of the necessary planks in an attempt to reach to our national target”, the minister said. She noted that a successful banking sector reform added to other successful reforms in areas like agriculture, power sector, health, education and manufacturing will sum up an attempt to provide a perfect situation where the economy can be seen to have been ready for safe landing. She noted that there in no gain-saying the fact that the CBN has been moving in the right direction.
Elated by this gesture, the CBN governor noted that “I am very proud to know that the CBN is going to have a good partnership with the minister against the belief in most quarters that both of us are due for a collision course and would be proud to leverage her commanding and controlling role in the entire economy in the effort to prepare a virile banking platform that can be a boost to all she would want to do with the economy. Sanusi said that many Nigerians had reasoned that the arrival of the new minister of finance will dim the reform which is being prepared to encourage safe financial intermediation from all sectors.
