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- Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) and Lagos State Governor, Babajide Sanwo-Olu, have complimented commercial banks for stoically facing the challenge of supporting the country to weather the storm at the height of COVID-19
- However, they maintained that more has to be done for building a “resilient economy”.
- The economy should not cave in under the weight of the pandemic
- For that more has to be done to induct dynamism in the economy
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) and Lagos State Governor, Babajide Sanwo-Olu, have complimented commercial banks for stoically facing the challenge of supporting the country to weather the storm at the height of COVID-19. However, they maintained that more has to be done for building a “resilient economy”.
While speaking at the opening of the ongoing 2021 Retreat of the Bankers’ Committee the duo maintained that the role of financial institutions in building an economy that could absorb unforeseeable shocks in the mold of COVID-19 was important. The economy should not cave in under the weight of the pandemic. For that more has to be done to induct dynamism in the economy.
Bankers, Godwin Emefielde maintained that bankers should look beyond profitability during boardroom deliberations. They could not afford to be comfortable among the destitute and miserable populace, he added.
Emefiele underscored the need for Nigeria growing its economy at a five per cent rate on a sustained basis to achieve the desired economic development. For this, the government should resort to an aggressive building of import-substitution industries to retain jobs and create new ones.
