World Trade Organization Director-General Ngozi Okonjo-Iweala opens the 2021 WTO Public Forum with a round table on Covid and trade on September 28, 2021 in Geneva. Okonjo-Iweala spoke virtually on Saturday at the 2021 Fellowship Investiture programme of the Chartered Institute of Bankers of Nigeria held in Lagos.“I’m honoured to be made a fellow of a prestigious Chartered Institute of Bankers of Nigeria.
Okonjo-Iweala said the theme chosen by CIBN for deliberation at the event, “Nigeria’s Rising Debt Profile: Issues and Implications for Sustainable Economic Development “, was an important one. He said that Nigeria’s public debt over the past five years had expanded by an average of 21.02 percent while economic growth figure averaged 0.15 per cent.“By implication, the rate of expansion in public debt in Nigeria is fast outweighing the revenue mobilization capacity of the government.
The CIBN President, Dr Bayo Olugbemi, urged stakeholders in the banking and finance industry to continually support efforts and initiatives of government aimed at improving the economy toward inclusive growth and development.“I would like to propose that we continually strive to rein in our rising debt profile. Just like the Latin Americans, let us embrace import substitution models that ultimately promote home grown products and services, economic growth, and sustainable development.
“It is not a white coincidence that the president launched the eNaira spurring a historic first and introducing Africa’s first digital currency, and that is not a mean feat because it makes and positions us again as a global leader in innovation in financial and payment system landscape.
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