Nigeria: FG Tasks CBN, NDIC On Economic Resilience

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The Nigerian federal government has called on the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to promote economic resilience despite economic challenges.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed this development in Abuja at the 2022 International Association of Deposit Insurers (IADI)

Africa regional committee workshop organized by NDIC.

She stated, “Despite the challenges that assailed the economy, no depositors’ fund was lost given the effectiveness of financial regulatory agencies, most especially the CBN and the NDIC.”

Also, the Central Bank Governor, Godwin Emefiele said, “The regulatory agencies in Nigeria’s banking sector had in place proactive mechanisms to deal with systemic problems in the financial sector.”

In her remarks, NDIC board chairman, Mrs Ronke Sokefun said, “The presence of global experts from fiscal, monetary, supervisory and regulatory agencies, and deposit insurers in gathering like this, is a manifestation of our commitment towards having a robust and sustainable system that can detect a problem early enough and manage crisis adequately in the banking system to foster financial system stability.”

Further, Managing Director/CEO of NDIC, Mr Bello Hassan, said NDIC provides deposit insurance protection to depositors of 33 Deposit Money Banks (DMBs) comprising 24 commercial banks, 6 merchant banks, and 3 Non-Interest Banks (NIBs), and 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); 3 Payment Service Banks (PSBs); and 29 Mobile Money Schemes (MMS).

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