By Agency Reporter

Tuesday, 7 Dec 2010

The Governor of Central Bank of Nigeria, Mr. Lamido Sanusi, has called on the Federal Government to focus on fiscal discipline as a possible means of reviving the nation’s economy.

A statement on Monday quoted him as saying this while declaring open the 2nd Nigerian Bankers‘Committee conference, which took place in Calabar, Cross River State.

According to him, a lot has been achieved within the last one year; there is, however, an evidence of slowdown in the economic growth.

The CBN governor said that the capital market was recovering while the domestic debt growth stood at 40 per cent, the Gross Domestic Product growth showed a decline of seven per cent.

He called for the increase in private credit bureau, designing of a new agricultural financing framework with banks as well as economic advocacy for the power and agricultural sectors.

The CBN governor said, ”In 12 months, I think we have made tremendous progress,” pointing out that industrialisation of the Nigerian economy must be accorded high priority.

He called on banks to actively fund economic development, especially in critical sectors.

Sanusi said, ”Nigeria‘s economic prospects look good and strong. Government should provide adequate liquidity and incentives for banks to lend surplus funds to the real sector.”

The Minister of National Planning, Dr. Shamsuddeen Usman, in his paper entitled, ”The Nigerian Government‘s Agenda for Economic Development,” said in spite of the crisis in the country, there had been sustained relative political stability and continuous democratic role in the polity.

He was quoted as saying that his ministry was forwarding a bill entitled ”Development planning and project continuity plan” to the National Assembly to compel governments to continue to execute projects initiated by their predecessors.

Also in his welcome remarks, the Chairman sub-Committee on Economic Development and Chief Executive of Access Bank, Mr. Aigboje Aig-Imokhuede, said that the objective of the conference was to revisit the status of the power and agricultural sector reforms and determine ways of improving on them.

Earlier, the Cross River State Governor, Senator Liyel Imoke, had welcomed icons of the banking industry to the state. “The state is ready to partner with the banks because they are veritable partners in development,” he said.

Source: Punch