Nigeria 'must act on Financial System Strategy 2020'

Jun 14, 2011

Nigeria needs to act immediately if it is to meet the goals set out in its Financial System Strategy 2020, a Lead Economist at the World Bank has warned.

Speaking at the launch of a book focusing on how the country can achieve the strategy, Ismail Radwan urged leaders to begin working on improving the financial sector as soon as possible, This Day Live reports.

Access to finance, transparency and the legal framework all need to be improved in the nation, Mr Radwan remarked, adding there is also a need to boost the insurance sector by strengthening re-insurance and eradicating fake companies.

The Financial System Strategy 2020 was outlined by the Central Bank of Nigeria (CBN) five years ago with the assistance of the World Bank, which "provided suggestions for improvements in the banking sector, rural finance, SME [small and medium-sized enterprise] finance and capital markets", in addition to other areas, he remarked.

Steps are currently being taken to implement a cross border transactions system in the country, with the CBN launching a tender to parties interested in developing such an offering late last month.