… as Emefiele targets single digit inflation in 2018
By Ayobami Adedinni
The President of the Chartered Institute of Bankers of Nigeria, (CIBN) Prof. Segun Ajibola, has urged the Federal Government, (FG) to see that the improvement in the nation’s economy does not end in numbers, but reflect on the well-being of the citizens.
Ajibola, while delivering his address at the 2017 Annual Bankers’ Dinner held in Lagos, said the subsisting World Bank’s Human Development Index on the country does not speak well of the conditions of the citizens and the improving economic growth.
He said that although there have been marked improvement in the macroeconomic landscape between 2016 and now, especially the successes in ease of doing and inflation, but said that more needs to be done.
He said the CIBN remains committed to the promotion of high ethical and professional conduct among its members as the banking industry is pivotal to achieving sustainable growth and development in the country.
“In line with this, arrangements are ongoing by the Institute to commence a certification programme on ethics which would cut across every cadre of staff in the banking industry. The Institute has developed effective template for the implementation of the Competency Framework as the sole accreditation agency for the Framework aimed at further promoting standards and competencies among practitioners,” he said.
He disclosed that during the course of the year, CIBN collaborated with some agencies such as Presidential Advisory Committee Against Corruption (PACAC) and signed Memoranda of Understanding (MoUs) with some sister professional bodies such as Nigerian Bar Association, Nigerian Institution of Estate Surveyors and Valuers with a view to adding more values to the Nigerian State.
“The Association of Professional Bodies of Nigeria continues to play a very key role in promoting professionalism across the length and breadth of Nigeria.
We have extended this leadership role to other West African countries. CIBN Examinations have commenced in The Gambia while we have signed MoUs with Liberia and Sierra Leone and candidates are eagerly waiting for April 2018 to commence the writing of CIBN Examinations. We will be visiting other countries soonest with a view to helping to promote sound banking practices in those countries.
For Emefiele, the optimism is high that inflation would return to very low double digit or high single digit levels next year, as the socio-economic factors that are driving food inflation are resolved, which would then help to reduce the challenges therein.
“Over the last 12 months, Nigeria’s reserves grew by over $10 billion from just over $23 billion in October 2016 to over $33 billion in October 2017. It is my belief that if we remain resolute with our efforts, policies and actions, we can attain position of about $40 billion by end 2018.
“As we entrench and sustain the transparency in the foreign exchange market, with reserves’ accretion continuing, and market confidence and improved sentiments remain, I expect the exchange rate to not only be stable, but would begin to appreciate against major currencies,” he said.
The banker said that the achievements are clearly verifiable successes and of government’s attempts to create jobs locally, improve the wealth of our rural population, improve industrial capacities and ultimately attain economic growth in the nation.