The National Institute for Policy and Strategic Studies (NIPSS) has urged the Central Bank of Nigeria (CBN) to work towards achieving a 12 percent annual GDP growth over the next five years.
Professor Ayo Omotayo, the Director-General of NIPSS, made this call during a visit to the CBN by participants of the institute’s Senior Executive Course Programme, Study Group 6.
“We at NIPSS believe that we can achieve 12 percent growth of our economy, GDP growth, year in and year out for the next five years if we are serious about it. If it’s going to work, the CBN is very critical in ensuring that it works.
A whole lot of what is going to happen in Nigeria in the next five years depends on how successful CBN drives everything,” Omotayo said.
He emphasized the importance of digitalization in driving financial inclusion, highlighting the need for almost every service to be delivered digitally, including healthcare.
Omotayo presented a scenario where medicine purchases could be linked to a user’s phone and pharmacology delivered electronically.
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In response, the CBN Governor, Yemi Cardoso, represented by the Deputy Governor of Corporate Services Dr. Bala M. Bello, acknowledged Nigeria’s rapidly evolving digital landscape.
Cardoso reiterated the CBN’s commitment to leveraging digital technologies for financial inclusion, productivity growth, and fostering an environment for innovation and entrepreneurship.
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He assured NIPSS members that the CBN is committed to harnessing the power of digital technologies to enhance financial inclusion, boost productivity, and create an enabling environment for innovation and entrepreneurship to thrive.
This collaboration between NIPSS and the CBN could potentially drive significant economic growth and development in Nigeria, particularly through the digitalization of key services and sectors.