By: ALEX UANGBAOJE, Kaduna
As part of efforts to engender economic growth in Nigeria, Financial System Strategy 2020 otherwise known as FSS2020, on Thursday brought together stakeholders in the financial and legal sectors in Kaduna to update and modernize some Bills currently before the National Assembly expected to transform the nation’s economy.
Managing Director, FSS2020, Muhammed Dabai Suleymam, in his remarks, noted that the transformation programmes and initiatives also extend to high level strategic development planning which result in international promotional efforts designed to market Nigeria and its financial products to the global financial community.
He said, “this retreat is met to undertake activities and recommend legislative measures that review, update and modernise Bills some of which have been pending before the National Assembly since 2008.
“Our engagement with the National Assembly will be to facilitate enactment of legislation that addresses the specific requirements of developing and growing Nigeria’s financial system.
“Our formula for success must include insisting that our service providers are able to meet regulatory obligations and also stay competitive in a highly aggressive commercial environment. FSS2020 will continue its strategy of taking Nigeria to the international investor.”
Suleyman, explained that “the creation of FSS2020 has lived up to its mandate of advancing the international profile of Nigeria as a leading international financial services destination and shaping the financial landscape of Nigeria.
“Also, the commitment of government, National Assembly, regulator and stakeholders in improving the timeliness and quality of their individual and collective responses all in its titanic efforts at placing Nigeria among the top 20 economies of the world by the year 2020.
“These may involve the singular activity of effectively training personnel by local service providers to attain international standards and facilitate Nigeria’s membership of community of best practices in the global financial ecosystem.
Declaring the retreat with the theme: “Shaping the Financial Landscape of Nigeria” open, Chairperson of the meeting and Director General Debt Management Office, Mrs. Patience Oniha, said the Federal through it’s various policies and initiatives including the Economic Recovery and Growth Plan, has demonstrated a strong commitment to economic growth.
“One of the ingredients necessary for achieving this laudable goal, is a robust and stable financial services sector which provides a wide range of products and services, allows for a large number of diverse operators and an efficient infrastructure while also providing standards and safety through regulations and legislations.
“It is within this context, that the strategic role of the Financial System Strategy (FSS2020) should be viewed. As you are aware, the FSS2020 was formally launched in 2007 to coordinate the implementation of transformational programmes and strategic initiatives that will result in Nigeria’s emergence as one of the top 20 economies in the world.”
Mrs. Oniha, commended the Central Bank of Nigeria for its foresight in creating the FSS2020, saying, “the creation of this High Level Legal Working Group is an opportunity to undertake a holistic and time-relevant review of the Bills and thereafter resume dialogue with the National Assembly for the passage of the Bills. Indeed our recent courtesy call on the Senate President provided stakeholders with an up-to-date assessment of the status, in terms of passage of the Bills pending before the National Assembly and elicited the promise of the leadership of the National Assembly, to enact the pending Bills in the shortest time possible while also anticipating the revised versions of some of the Bills.
“Our assignment at this Retreat is to review the Bills with two (2) main objectives in mind: to reflect current realities (needs, gaps) and opportunities obtainable in Nigeria’s financial system, and, are in harmony and well aligned with one another. Some work has been done already in this regard and I would like to thank members of the Working Group who devoted their time and resources to bring us to the level where we can collectively review the updated Bills.
“There are a total of eight (8) Bills which cover several aspects of the financial services sector. The Bills are: Nigeria International Financial Centre Bill, Nigeria Financial Ombudsman Bill, Factoring Assignments (Establishment etc.) Bill 2015, Small and Medium Enterprises Agency Amendment and Other Related Matters Bill (SMEDAN BILL), Securitization and Issuance of Asset Backed Securities Bill, National Payment Systems Management Bill 2015, The Nigerian Independent Warehouse Regulatory Agency Bill and The Mortgage Institutions and Allied Matters Bill. You will agree with me that these Bills have the potential to transform Nigeria’s financial services sector.
“The Retreat is of strategic importance to the broad objectives of the FSS2020 because laws not only enable new products or services, processes and procedures, they also give comfort and security to operators. Keeping in mind that Nigeria seeks to become a major financial centre that will attract international operators and encourage the emergence of strong local players, our review of the revised Bills should also take into account the emerging needs of operators, practices and experience of the more advanced market-based economies, as well as, the need to stimulate the growth of sectors of the economy such as mortgages, insurance and Small and Medium Scale Enterprises. I implore you to remain the catalysts through which positive change is effected in Nigeria’s financial services sector.”
