CBN, Others Address Nigeria’s Digital Future at CIO Africa Inaugural Summit

Nigeria’s Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System Plc (NIBSS), and other stakeholder organizations have urged policy makers and the private sector to collaborate to ensure Nigeria explores more opportunities related to digitalization in transforming its economy.

This statement was made at the CIO Club Africa inaugural summit tagged, “The Role of Digitalisation in Transforming the Economy,” held at the Civic Centre in Victoria Island, Lagos at the weekend.

Also Read: Fed Govt’s Borrowing From CBN Rises By 96.54%, Now N18.16trn

In his opening speech, the Chairman, Board of Trustees, CIO Club Africa, Mr. Olayinka Oni, said that though digitalisation had great potential, there were some inhibitors such as lack of basic infrastructure and skills gap.

The Deputy Director of the Central Bank of Nigeria (CBN), Adebisi Shonubi, in his address explained that the best way to support digitalisation and improve productivity in the country is to seek ways to engage people, especially youths to be more productive.

“So we have the capacity here in this country, the only thing needed is to channel the energy of our youths into positive use of these technologies to help grow and develop our economy.”

Managing Director of Nigeria Inter-Bank Settlement System plc (NIBSS), Premier Oiwoh, noted that technological transformations have had an impact on economic activities, particularly on-demand, sharing, and circular economic systems.

“Therefore, policy, regulation, and incentives are some of the factors that should be prioritized, while also seeking ways to ensure technology contents are localised”, he added.