The Senate Committee on Banking, Insurance and Other Financial Institutions has stepped up efforts to strengthen Nigeria’s financial system, bringing together major regulators and industry experts to develop coordinated measures for economic stability, financial inclusion and sustainable growth.
The committee held an expanded stakeholders’ engagement in Lagos on Saturday, with the leadership of the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission and Nigeria Export-Import Bank among those represented.
The committee Chairman, Mukhail Abiru, who was represented at the session by Senator Osita Izunaso, said the Senate was committed to legislative reforms and stronger collaboration with financial regulators to reposition the sector for long-term economic growth.
Abiru said the financial sector remained central to investment, job creation, business expansion and macroeconomic stability, stressing that the challenges confronting the economy required closer cooperation between lawmakers, regulators and industry stakeholders.
He identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the issues requiring coordinated policy responses.
The engagement was held under the theme, “Strengthening financial system architecture for sustainable economic growth and stability in Nigeria.”
Abiru said the theme reflected the interdependence of monetary policy, deposit insurance, asset recovery, insurance development, export financing, digital finance and financial regulation.
