NDIC Says Nigerian Banks Are Better Placed to Support One-Trillion-Dollar Economy Target

According to NTA, the Nigeria Deposit Insurance Corporation (NDIC) has said it will continue to carry out its oversight duties over licensed financial institutions in the country.

The corporation said the aim is to keep the financial system stable and to strengthen the confidence of depositors in Nigerian banks.

The position was stated at the NDIC Special Day, held during the 40th edition of the Lagos International Trade Fair. The Managing Director and Chief Executive of the corporation, Thompson Oludare Sunday, was represented at the event.

In the statement delivered at the event, it was noted that Nigerian banks are now better positioned to support the country’s target of a one-trillion-dollar economy.

The NDIC is the agency responsible for insuring the deposits of customers in licensed banks and other financial institutions in Nigeria. Its role also includes supervision of these institutions to ensure that they operate in line with regulations.

The Lagos International Trade Fair is an annual event that brings together businesses, government agencies and members of the public. Organisations such as the NDIC use designated days at the fair to interact with visitors and explain their activities.

The corporation reiterated that it will not relent in carrying out its oversight responsibilities, as part of efforts to sustain stability in the financial system.