Emefiele: Banks must map out strategies to aid economic recovery

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says banks must map out strategies to aid the country’s economic recovery.

According to NAN, Emefiele said this at the 12th annual Bankers Committee Retreat at Oriental Hotel on Tuesday in Lagos. 

The event was themed ‘Building Resilience for Economic Growth’. 

Emefiele emphasised the need for the leaders to confront novel waves of the COVID-19 pandemic.

He said that the retreat was an opportunity to conceptualise long-term plans for improved access to finance.  

“We see different countries adopt measures to protect their own, and in the midst of this, we as Nigerians, we that God has placed in our hands the leadership of this banking industry, we must gird our loins and stand strong to see that we do those things that will aid the recovery of our country,” Emefiele said.

“We must aim for not only a fast, balanced, and sustainable recovery, but also ensure that through improved access to finance, the fundamentals of our economy are strengthened.” 

He called on the banking sector leadership to enhance cooperation, stressing that despite the admittedly difficult times, no challenge was insurmountable for the determined, the cooperative, and the persistent.

Babajide Sanwo-Olu, governor of Lagos, on the other hand, urged the banking sector to focus on the Small and Medium Enterprises (SMEs) for improved sustainable growth.

“The best strategy to prepare for future jobs and achieve sustainable growth and development is for us to pursue a very effective economic diversification in what we see as Small and Medium Enterprises,” the governor said. 

“The pandemic has provided us an opportunity to focus our attention on critical sectors of the economy – agriculture, tourism, and manufacturing etc, which will help us to grow our GDP.”