CBN, NIPSS Collaborate to Drive Nigeria’s Digital Economy Prospects for Job Creation

The Central Bank of Nigeria (CBN) and the National Institute for Policy and Strategic Studies (NIPSS) are set to collaborate on enhancing Nigeria’s digital economy potential for the purpose of empowering and creating jobs for millions of youths.

CBN Governor, Dr. Olayemi Cardoso, disclosed this while welcoming participants of the Senior Executive Course (SEC) 46 of NIPSS at the apex bank headquarters on a Strategic Institution Study Tour in Abuja.

The tour was themed: “Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges, and Opportunities.”

The Governor, represented by Dr. Bala M. Bello, a Deputy Governor of the CBN, highlighted the long-standing partnership between the institutions. He commended NIPSS’ flagship Senior Executive Course for its contributions to Nigeria’s socioeconomic development.

The CBN emphasised its commitment to leveraging digital technologies for financial inclusion, innovation and entrepreneurship.

He assured the NIPSS delegation that the Bank’s initiatives and strategies, focusing on digital financial services, digital entrepreneurship support, and emerging technologies, would be presented during the technical sessions that will harness emerging technologies to drive economic diversification and job creation.

“This study tour is an opportunity for fruitful discourse and exploring collaborative strategies. We welcome your insights and recommendations to enrich our policy formulation processes,” Dr. Bello stated.

In his remarks, the Director-General of NIPSS, Prof. Ayo Omotayo, who led the delegation, acknowledged the importance of digital transformation. He acknowledged Nigeria’s progress in digital services but stressed the need for further advancements.

Prof. Omotayo said the institute, as a knowledge hub, is exploring ways to digitise all its services.

“We believe NIPSS can significantly contribute to a 12% GDP boost through effective digitalisation strategies,” Prof. Omotayo declared.

While highlighting the CBN’s crucial role as a financial regulator, Prof. Omotayo emphasised NIPSS’s desire for collaboration.

“We seek information to assist the President in formulating policies that will accelerate Nigeria’s digital economy drive in the next five years,” he noted.