By Omodele Adigun and Lukman Olabiyi
Lagos State Governor, Mr. Babajide Sanwo-Olu and the President of the Chartered Institute of Nigeria (CIBN), Dr Bayo Olugbemi, have laid down new template for Nigerian bankers on roles expected of them post-COVID-19 pandemic.
Sanwo-Olu, who was a Special Guest of Honor at the CIBN’s14th Annual Banking and Finance Conference, held in Lagos, stated that the banking sector has a very significant role to play in the economic recovery of any nation.
He stated: “The theme of the conference is very apt, as the world grapples with the Coronavirus pandemic, and struggles to rebuild and restore disrupted economies. Unfortunately, the pandemic is still very much with us, which means that we must continue to tackle it even as we try to mitigate its impact on our lives, livelihoods and societies.
Banks no doubt have a very significant role to play in the economic recovery which we would like to see. In July 1944, more than 40 countries assembled at a now-historic Conference in the United States, to establish the International Monetary Fund (IMF) and the World Bank, as financial institutions to help the world – and Europe especially – rebuild and recover from the devastation of the war. The first set of loans issued by the World Bank were to European countries, which bore much of the brunt of the War.
The World Bank contributed to the reconstruction of Europe even before the emergence of the Marshall Plan in 1948. This is the same kind of transformative role that the Nigerian banking sector is expected to play in the era of COVID-19.
Olugbemi, on his part, pledged the readiness of the Institute to develop its members’ competences in order to make them contribute to the growth and sustainability of the economy.