Nigeria: CBN and NIPSS Partner to Boost Job Creation through Nigeria’s Digital Economy

CBN and NIPSS Partner to Boost Job Creation through Nigeria’s Digital Economy
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The Central Bank of Nigeria (CBN) and the National Institute for Policy and Strategic Studies (NIPSS) have announced a collaborative initiative aimed at unlocking the potential of Nigeria’s digital economy to foster job creation for the nation’s youth.

During a welcome address to participants of the Senior Executive Course 46 of NIPSS, CBN Governor Dr. Olayemi Cardoso emphasized the role of this partnership in propelling Nigeria’s economic and digital strategies forward. The participants were visiting the CBN headquarters in Abuja for a Strategic Institution Study Tour themed “Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges, and Opportunities.”

Represented by Deputy Governor Dr. Bala M. Bello, Governor Cardoso highlighted the enduring relationship between CBN and NIPSS and the impact of NIPSS’ Senior Executive Course on Nigeria’s socioeconomic landscape.

Dr. Bello detailed the CBN’s dedication to integrating digital technology to advance financial inclusion, innovation, and entrepreneurship. He reassured the delegation that the bank’s current digital financial services, support for digital entrepreneurship, and exploration of emerging technologies would be thoroughly discussed during the sessions. These discussions aim to leverage these technologies to diversify the economy and create jobs.

“This study tour provides a valuable platform for engaging discussions and developing joint strategies. We look forward to your insights and recommendations, which will enhance our policymaking efforts,” Dr. Bello expressed.

Professor Ayo Omotayo, Director-General of NIPSS, leading the delegation, recognized the transformative impact of digital technology and acknowledged the advancements already made in Nigeria’s digital services sector. However, he emphasized the importance of further developments.

Prof. Omotayo remarked on the significant potential of digitizing NIPSS’s services to contribute to a 12% increase in GDP through effective digital strategies. He underscored the importance of CBN’s role as a financial regulator and expressed NIPSS’s eagerness for a deeper collaboration to inform and support policy decisions that will propel Nigeria’s digital economy forward over the next five years.

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