A former Governor of the Central Bank of Nigeria, Professor Charles Soludo, has urged Nigerian banks to adjust to developments that may arise as a result of the African Continental Free Trade Area agreement.
Soludo, who is also a member of the Economic Advisory Committee to the President, spoke during the 2019 Nigerian banking sector report launched by Afrivest in Orietal Hotel, Lagos yesterday.
He said, “What kind of banking and financial system do we really need to be able to power the Nigerian and African economy in view of the African Continental Free Trade Area agreement?
“What should be the next level for the banking industry and how should the banks adjust to the disruptive changes that must all come to able to move the banking sector forward to that level that is able to power Nigeria economy to where we expect in the next five to ten years.”
Soludo commended Afrinvest for their consistence, the first of its report was actually made in the 2005 during the banking sector consolidation year.
“See how time flies, most of the comparism (data) centered on Africa, gone are those days when we go to an event, where Nigeria is being discussed, and the examples given were China, Singapore etc, but the real key point now is relevant examples now here in Africa,” he said.
Professor Soludo then charged Afrinvest to always put Nigeria in the right direction, adding that the country couldn’t be doing things same way and expect different results.