The World Bank has said that for Nigeria to achieve its Financial System Strategy 2020, it must begin immediate action to achieve this feat.
Lead Economist, World Bank, Ismail Radwan, said that Nigeria must use 2011 as a start off point to achieve FSS 2020
Radwan, who spoke during a book launch titled ‘Achieving Nigeria’s Financial System Strategy 2020’, said there is the need to improve access to finance and the great potential to develop Nigeria’s dormant insurance industry by strengthening re-insurance, improving transparency, updating the legal framework and cracking down on fake insurance companies.
He said that according to a report ‘Making Finance Work for Nigeria’ that accumulating assets could be used to finance long term liabilities such as infrastructure or housing finance. “This can be achieved through the creation of a liquidity facility that could act as a bridge between the primary mortgage institutions and the corporate bond market,” the report said.
He said in 2006, and within the rubric of vision 2020, the CBN outlined a bold strategy for improving Nigeria’s financial sector, the Financial System Strategy 2020 (FSS2020).
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