CBN reiterates proactive risk management for healthy financial system

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has urged financial managers to work towards building a more resilient economy that will contain external shocks, whilst supporting growth in key sectors of the economy.

Emefiele made the call at the second national risk management conference held in Lagos, yesterday.

Speaking on the theme: ‘Financial system development and economic growth,’ the CBN Governor who was represented by the Director of Financial Market Department, Dr. Angela Adewunmi said financial systems development and economic growth is highly critical in building a better Nigeria.

Emefiele noted that a lot has changed over the past two years due to the effect of COVID-19, stating that addressing risks in the financial system is one of the most important tasks to undertake at this critical time.

“Our vigilance over this sector can never be relaxed and there is a lot for risk managers and their allies and associates to discover, learn and master.

“This meeting of professionals from various institutions in the financial sector and other sectors of the economy is very important as it provides a platform and the necessary opportunities to communicate with stakeholders and ways to improve the practice of risk management and strengthen organisational structure.”

He pointed out that countries with open financial systems grow faster in the long run, even as opening up the nation’s financial system and managing it well will bring new opportunities that will lead to economic growth.

“To prepare for the unexpected, it is important to identify, measure, and prioritise risks with some precautionary measures if we hope to keep building our financial system.

“Our strategic focus centered around the ‘people’ who act as a financial catalyst for job creation and inclusive economic growth of our country.

“We are continuously working to create an enabling environment that will drive both public and private sector participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution and accretion to the foreign reserves.

“We also seek to improve access to credit for households and businesses which will enhance productivity and create value across a wide range of economic activities”, he added.

Furthermore, he stated that technology is a crucial requirement for risk managers presently.

Earlier at the event, Deputy Governor, Corporate Service, CBN, Edward Adamu who was represented by Director of Risk Management, Dr. Blaise Ijebor urged stakeholders to come up with ideas that would help develop the financial system to ensure sustainable growth.