Nigeria: Central Bank of Nigeria Focuses on Digital Advancements for Economic Growth

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The Central Bank of Nigeria (CBN) has reaffirmed its dedication to utilizing digital technology to promote financial inclusion and spur economic development. This commitment was voiced by CBN Governor Mr. Yemi Cardoso during a presentation in Abuja to participants of the Senior Executive Course 46 from the National Institute of Policy and Strategic Studies (NIPSS).

Represented by Dr. Bala Bello, Deputy Governor for Corporate Services, Governor Cardoso highlighted the crucial role of digital technology in enhancing productivity, fostering innovation, and creating a supportive environment for entrepreneurship.

The governor praised the longstanding and fruitful relationship between the CBN and NIPSS, a leading national policy think tank that has significantly contributed to Nigeria’s socio-political and macroeconomic progress. He noted the strategic collaboration between the institutions, including CBN’s support for NIPSS through infrastructure like an auditorium and a hostel, and NIPSS’s role in bolstering the technical capacity of CBN personnel.

NIPSS Director-General Prof. Ayo Omotayo discussed the importance of digital technology in creating job opportunities for Nigerian youth. He emphasized the global shift towards digital economies and how digitalization can open up employment prospects for the country’s 120 million active citizens.

Prof. Omotayo also mentioned the institute’s proactive approach in exploring future trends and the potential for delivering nearly every service digitally, underscoring the transformative impact of digital technology on national development.

Dr. Lafi Bala Keffi, Acting Director of the Monetary Policy Department at CBN, commended the NIPSS study group’s keen interest in the central bank’s activities. She encouraged the participants to adopt NIPSS’s rigorous approach to addressing national issues, offering practical solutions, and recommending actionable strategies for implementing those solutions.

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