By Stanley Opara

Wednesday, 19 Jan 2011

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that the banking sector crisis will be over by the end of the second quarter of the year.

He based his optimism on the result of the various reforms introduced by the apex bank into the financial system, especially the recapitalisation of the Deposit Money Banks and the activities of the Asset Management Corporation of Nigeria.

Sanusi, said this during the unveiling of the new $5m factory of a security printing firm, Superflux International Limited, in Lagos on Tuesday.

Commenting on the economic situation in the country, he said that no economy in the world had grown as a result of proceeds from the sales of primary products, adding that the development of the real sector was the only guarantee for economic advancement in Nigeria.

The CBN boss, however, urged the Federal Government to subsidise the real sector of the economy, noting that areas like trade and imports, among others, were not ideal to be subsidised if the country must move forward.

“Government should subsidise the refineries, the agricultural sector, the power sector and other areas that constitute Nigeria’s real economy. This will help the country to produce goods and services that can be exported. By so doing, the economy will earn more foreign exchange,” Sanusi explained.

He said the CBN, through its deliberate economic policies, was making sure that the real sector was supported, and that the bank was aware that the sector remained a huge catalyst for economic growth.

While congratulating the management and staff of Superflux, the apex bank boss said that the CBN and the Bank of Industry’s Intervention Fund, which the company was a beneficiary of, would continue to see to the development of the real sector of the country’s economy.

The President/Chief Executive Officer, Superflux International, Mr. Tokunbo Talabi, said that the huge investment in the new factory was made in readiness for increased business opportunities in banking and the public sector across Africa.

He said the new facility would give Superflux an edge in the production of high quality security documents.

While giving an insight into the project, Talabi said, “Fitted with surveillance and access control equipment to guarantee the security and safety of staff and customers in the premises, customers are also assured of high-level confidentiality in the printing and delivery of their documents.”

He explained that the newly installed machines had increased the company’s output by over 300 per cent, and had positioned the firm to compete with other companies elsewhere in the world in terms of printing complex and high quality security documents.

“What this portends for us at Superflux is that we are ready for increased business opportunities in the banking and public sectors, not just in Nigeria, but also across the African continent,” he said.

 

Source: Punch