Banking and Finance Sector Have Key Roles to Play in Achieving Sustainable Development

Wednesday, September 16, 2020 / 3:22 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: @cibnigeria

The Banking and Finance sector in Nigeria will play a prominent role in supporting sustainable development in Nigeria. The President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Bayo Olugbemi, FCIB made this comment at the opening session of the 13^th Annual Banking and Finance conference, which held virtually in Abuja and Lagos.

Speaking at the conference Mr. Olugbemi said  "So, when we talk about a sustainable future, what do we mean? Literature has a generous and wide array of interpretations. Luckily, the United Nations offers a comprehensive but concise picture of what a truly sustainable future would look like. This picture is brilliantly captured within the 17 United Nation's Sustainable Development Goals (SDGs) which include Decent Work & Economic Growth; Industry, Innovation, and Infrastructure; Gender Equality and Reduced Inequality".

On the opportunities and implications of the UN SDGs which has 2030 as the target year for achievement, the CIBN President said "Given the 17 goals and implicit 169 targets, we cannot only have a better understanding of the sustainable future to strive for but the blueprint to achieve this".

He added "In the quest to achieve such goals, the banking sector no doubt has a pivotal role to play. Indeed, banks often called the lifeblood of the economy are generally responsible for the efficient allocation of resources which is a forerunner to wealth creation and economic growth and development. Given the recent disruptions caused by COVID-19, the roles of banks have become more important now than ever before".

The two-day conference covered 5 sub-themes and two breakout sessions over two days. It discussed the following topics: 

• An Assessment of Inclusive Banking and the way forward
• An articulation of the risks of facilitating a sustainable future and positioning of banks in tackling such risks
• A discussion on how Fintech is shaping the future through innovation and disruption
• A discussion on Leadership and Competence in the Banking Industry
• A discussion on Green Banking and Economic Growth
• The Impact of Finance on Emerging Sectors: Spotlight on MSMEs, Manufacturing, Creativity and Agriculture Industry
• The Impact of Finance on Emerging Sectors: Leveraging Digital by the Banking Industry

The CIBN President assured stakeholders that at the end of the conference a communique that would be rich in content and insightful contributions and recommendations would be made public. 

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