{"id":435869,"date":"2011-06-03T15:22:32","date_gmt":"2011-06-03T15:22:32","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/03\/world-bank-launches-book-to-help-financial-sector-grow\/"},"modified":"2011-06-03T15:22:32","modified_gmt":"2011-06-03T15:22:32","slug":"world-bank-launches-book-to-help-financial-sector-grow","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/03\/world-bank-launches-book-to-help-financial-sector-grow\/","title":{"rendered":"World Bank Launches Book to Help Financial Sector Grow"},"content":{"rendered":"<div readability=\"83.4573554665\">\n<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.vanguardngr.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/vanguard180.jpg\" alt=\"Vanguard (Lagos)\" title=\"Visit Vanguard (Lagos)\" \/><\/a><\/p>\n<p>3 June 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>Abuja \u2014 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<p>The book is entitled: &#8221; Achieving Nigeria&#8217;s Financial System Strategy 2020&#8243; , is a Central Bank Strategy to improve the financial sector and enable it to achieve growth in the Nigerian economy.<\/p>\n<p>Mr Ismail Radwan, World Bank Lead Economist, who launched the book, said it was a compilation of the bank&#8217;s recommendations to the Federal Government to help enhance the financial sector.<\/p>\n<p>He said the book touches all areas of the sector and proffers ways forward for the growth of the economy.<\/p>\n<p>&#8220;This book is a compendium and summary of the analysis of the Nigerian financial sector.<\/p>\n<p>&#8220;In each area, the book provides a detailed implementation plan that reflects a consensus of key stakeholder views and international best practice,&#8221; he said.<\/p>\n<p>Radwan said that some of the analysis of the book already undertaken by the Federal Government had led to &#8220;quick wins&#8221; for Nigeria.<\/p>\n<p>He said that the recommendations had also helped to remove the monopoly enjoyed in remittances in the country and reduced the rates from 8 per cent to 5 per cent.<\/p>\n<p>&#8220;It 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<p>&#8220;Further gains are possible,&#8221; he said.<\/p>\n<p>Radwan added that the recommendation to strengthen banking supervision, improve risk management and financial disclosure were not quickly adopted.<\/p>\n<p>He said that after the weaknesses in banks were revealed by CBN, bold actions were taken.<\/p>\n<p>The economist said the recommendation to strengthen the banking sector was critical for the growth of the nation&#8217;s economy.<\/p>\n<p>&#8220;The banking sector crisis is estimated to cost Nigeria about 15 billion dollars leaving few families untouched,&#8221; he said.<\/p>\n<p>He said the book also looks at the potential to develop Nigeria&#8217;s dormant insurance industry by strengthening re-insurance, improving transparency and updating legal framework.<\/p>\n<p>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.<\/p>\n<p>&#8220;Nigeria deserves to be one of the top 20 economies in the world by 2020 and this report provides a roadmap toward achieving that.&#8221;<\/p>\n<p>Ms Arunma Oteh, Director-General, Security and Exchange Commission, said there was a need to focus more on implementation of the recommendations.<\/p>\n<p>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<p>&#8220;There is need for us to set a milestone so that we will know what to achieve every year before 2020.<\/p>\n<p>&#8220;This will help us to know where we are going and also evaluate our ability to achieve the strategy by 2020,&#8221; she said.<\/p>\n<p>Alhaji Muhammad Ahmad, Director-General PENCOM, said there was need for financial literacy in the country.<\/p>\n<p>&#8220;Nigerians need to be educated on issues in the financial sector by so doing everybody will be carried along in what the sector is doing,&#8221; he said.<\/p>\n<p>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<p>He commended the effort of the world bank in coming up with a book that would help the sector achieve growth in the economy.<\/p>\n<p><em>NAN<\/em><\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<\/p>\n<p>View post:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201106031272.html\" title=\"World Bank Launches Book to Help Financial Sector Grow\" rel=\"noopener noreferrer\">World Bank Launches Book to Help Financial Sector Grow<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 3 June 2011 Abuja \u2014 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. The book is entitled: &#8221; Achieving Nigeria&#8217;s Financial System Strategy 2020&#8243; , is a Central Bank Strategy to improve the financial sector and enable it to achieve growth in the Nigerian economy<\/p>\n","protected":false},"author":0,"featured_media":435870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-435869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>World Bank Launches Book to Help Financial Sector Grow - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/03\/world-bank-launches-book-to-help-financial-sector-grow\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"World Bank Launches Book to Help Financial Sector Grow - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"3 June 2011 Abuja \u2014 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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