Nigeria’s National Institute for Policy and Strategic Studies (NIPSS) has called on the Central Bank of Nigeria (CBN) to target a 12 percent annual GDP growth over the next five years. Professor Ayo Omotayo, the Director-General of NIPSS, emphasized the critical role of the CBN in achieving this ambitious economic goal during a visit by participants of the institute’s Senior Executive Course Programme, Study Group 6.
According to Omotayo, the CBN plays a pivotal role in driving Nigeria's economic growth, likening the bank to a crucial tool in the hands of a skilled craftsman. He highlighted the importance of digitalization in advancing the country's economy, particularly in enhancing financial inclusion for the 120 million active Nigerians.
NIPSS aims to understand how digitalization can promote financial inclusion, especially considering challenges such as low literacy rates and a significant number of out-of-school children. Omotayo envisioned a future where nearly all services, including healthcare, could be delivered digitally, revolutionizing access and efficiency.
In response, the CBN governor, represented by the Deputy Governor of Corporate Services Dr. Bala M. Bello, acknowledged the importance of digitalization in driving job creation and youth empowerment. The CBN expressed its commitment to leveraging digital technologies to enhance financial inclusion, productivity, and innovation in line with NIPSS's objectives.
