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Broadening financial system key to economic growth – Adebayo

Broadening the financial system is the panacea for growing the economy, Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has said.

Adebayo in his address at the 2021 National Workshop of the Chartered Institute of Stockbrokers in Abuja, underscored the importance of the finance sector, his Media Assistant, Ifedayo Sayo quoted him as saying in a statement.

The minister noted the importance of the financial sector in enhancing efficient economic growth.

According to him: “As the economy grows, the financial services sector needs to keep pace with changing industry demands, especially in terms of assessing the prospects for risk and return. Sustainable growth of the economy needs to be underpinned by a broadening and deepening of the financial system, capable of serving the needs of all parts of the economy.

“Economies that have sustained long-term growth have experienced enormous structural change, as they have shifted from being predominantly rural and agricultural to a more urban, manufacturing-and-service-based structure.

“This was certainly the history of many industrialized countries, as the countries’ economies diversified; their financial systems grew in depth and breadth.”

He stressed that with the nation presently experiencing economic growth, there is the need for the development of a healthy financial sector.

He said the implementation of the Africa Continental Free Trade Area Agreement (AfCFTA) will enhance Africa’s capacity to unlock growth and create jobs by building the nation’s industrial capacity, enlarging her productivity and becoming competitive globally.

According to him: “Nigeria has the largest economy and population in Africa with more than $500 billion in GDP and a population of 200 million.

“This market size allows manufacturers to increase capacity and expand into other African countries. This will enable investors to benefit not only from the Nigerian market but from other countries on the continent as well.”

 

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