{"id":435379,"date":"2011-06-03T11:20:38","date_gmt":"2011-06-03T11:20:38","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/03\/word-bank-launches-book-to-help-nigeria-financial-sector-grow\/"},"modified":"2011-06-03T11:20:38","modified_gmt":"2011-06-03T11:20:38","slug":"word-bank-launches-book-to-help-nigeria-financial-sector-grow","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/03\/word-bank-launches-book-to-help-nigeria-financial-sector-grow\/","title":{"rendered":"Word Bank launches book to help Nigeria financial sector grow"},"content":{"rendered":"
\n

Abuja \u2013 For the Nigerian economy to rank among the 20 best economies in the world, the World Bank on Thursday launched a book that can help the financial sector effectively contribute to its growth.<\/p>\n

The book is entitled: \u201c Achieving Nigeria\u2019s Financial System Strategy 2020\u2019\u2019 ,\u00a0 is a\u00a0 Central Bank Strategy to improve the financial sector and enable it to\u00a0 achieve growth in the Nigerian economy.<\/p>\n

Mr Ismail Radwan, World Bank Lead Economist, who launched the book, said it was a compilation of the bank\u2019s recommendations to the Federal Government to help enhance the financial sector.<\/p>\n

He said the book touches all areas of the sector and proffers ways forward for the growth of the economy.<\/p>\n

\u201cThis book is a compendium and summary of the analysis of the Nigerian financial sector.<\/p>\n

\u201cIn each area, the book provides a detailed implementation plan that reflects a consensus of key stakeholder views and international best practice,\u2019\u2019 he said.<\/p>\n

Radwan said that some of the analysis of the book already undertaken by the Federal Government had led to \u201cquick wins\u2019\u2019 for Nigeria.<\/p>\n

He said that the recommendations had also helped to remove the monopoly enjoyed in remittances in the country and reduced the rates from 8\u00a0 per cent to 5 per cent.<\/p>\n

\u201cIt is estimated that this move alone has put additional 60 million dollars into the hands of ordinary Nigerians instead of the money transfer companies.<\/p>\n

\u201cFurther gains are possible,\u2019\u2019 he said.<\/p>\n

Radwan added that the recommendation to strengthen banking supervision, improve risk management and financial disclosure were not quickly adopted.<\/p>\n

He said that after the weaknesses in banks were revealed by CBN,\u00a0 bold actions were taken.<\/p>\n

The economist said the recommendation to strengthen the banking sector was critical for the growth of the nation\u2019s economy.<\/p>\n

\u201cThe banking sector crisis is estimated to cost Nigeria about 15 billion dollars leaving few families untouched,\u2019\u2019 he said.<\/p>\n

He said the book also looks at the potential to develop Nigeria\u2019s dormant insurance industry by strengthening re-insurance, improving transparency and updating legal framework.<\/p>\n

Mr Onno Ruhl, World Bank Country Director in Nigeria, said the book was a roadmap for Nigeria to be one of the top 20 economies.
\u201cNigeria deserves to be one of the top 20 economies in the world by 2020 and this report provides a roadmap toward achieving that.\u201d<\/p>\n

Ms Arunma Oteh, Director-General, Security and Exchange Commission, said there was a need to focus more on implementation of the recommendations.<\/p>\n

She commended the effort of the bank in compiling the book, adding that there was need to set a milestone for the sector to enable it to achieve the objectives of the book.<\/p>\n

\u201cThere is need for us to set a milestone so that we will know what to achieve\u00a0 every year before 2020.<\/p>\n

\u201cThis will help us to know where we are going and also evaluate our ability to achieve the strategy by 2020,\u2019\u2019 she said.<\/p>\n

Alhaji Muhammad Ahmad, Director-General PENCOM, said there was need for financial literacy in the country.<\/p>\n

\u201cNigerians need to be educated on issues in the financial sector by so doing everybody will be carried along in what the sector is doing,\u2019\u2019 he said.<\/p>\n

He added that quarterly publications or annual review of the reports in the sector would go a long way to carry everybody along.<\/p>\n

He commended the effort of the world bank in coming up with a book that would help the sector achieve growth in the economy. (NAN)<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nWord Bank launches book to help Nigeria financial sector grow<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abuja \u2013 For the Nigerian economy to rank among the 20 best economies in the world, the World Bank on Thursday launched a book that can help the financial sector effectively contribute to its growth. 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