Expert predicts improved economy

The Sector Leader, Human Development Team, World Bank in Nigeria, Prof. Foluso Okunmadewa, has said that the ongoing reform in the banking sector under the Governor of Central Bank of Nigeria, Mr. Sanusi Lamido Sanusi, is a great move aimed at boosting the economy. Okunmadewa, who made this observation on Wednesday shortly after the unveiling of the new corporate head office of the Supreme Management Consultant in Ibadan, said that the banking sector in the country had undergone tremendous transformation.He said, The banking sector in Nigeria is getting better though things seem to be difficult generally now considering the economic recession all over the world. The system in the country seems to be getting a lot better and I think what the current CBN governor is doing is instilling confidence in many.I dont know about any bank going under in the country today but I know of banks being restructured and re-organised. If you talk about three to four years ago the situation was serious but now you only have cases where banks are being absorbed or changing names.According to him, what the country is witnessing today in the banking industry is restructuring. This, he said was very normal in any economy.He added, You should be very dynamic enough to change your structure to soothe the dynamics and the dictates of today.I see a situation where there is a very strong backbone for investment in the country. People who want to invest in profitable business can begin to link up with their banks to access funds. And there are lot of attempts to curb sharp practices that are very inimical to banking practice in this country.
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