From Adanna Nnamani, Abuja
The Director General of the National Institute for Policy and Strategic Studies (NIPPS), Prof. Ayo Omotayo, has said the Central Bank of Nigeria, (CBN), can boost the country’s economy by 12 percent using digital innovative solutions.
Omotayo stated this in Abuja when he led members of Group Six, Senior Executive Course 46, 2024, on a study visit to the apex bank, in Abuja on Tuesday.
The federal government in the 2024 budget, projected a Gross Domestic Product (GDP) growth of 3.76 percent.
The DG said that the economy can surpass its GDP growth rate if the CBN uses digital tools as drivers.
According to the him, “because of its own regulatory role, it has a lot of importance in the matter of the digital economy. After all, after everything runs digitally, we need to be able to pay people and move money digitally.
“We are asking ourselves how many things can be moved digitally. The more our activities that can be put in digital format, the more opportunity to provide access to 120 million active Nigerians.
“We at NIPPS believe that we can have 12 percent growth in our economy, year in year out for the next five years if we are serious about it and if it is going to work, the CBN is critical in ensuring that it works. A whole lot of what is going to happen in Nigeria in the next five years depends on how successful the CBN drives everything.”
CBN Governor Olayemi Cardoso reaffirmed the organisation’s commitment to creating an environment that is propelled by digital innovation and encourages productivity and entrepreneurship.
Represented by the Deputy Governor, Corporate Services, Dr. Bala Bello, Cardoso, observed that with over 100 million people economically active in Nigeria, the digital landscape in the country was evolving rapidly presenting immense opportunities and challenges.
He said: “As a forward-thinking central bank, we are committed to harnessing the power of digital technologies to enhance financial inclusion, boost productivity, and create an enabling environment for innovation and entrepreneurship to thrive. The bank has also deployed robust digital technologies in driving most of its processes towards achieving optimal performance.
He further noted that, “During the technical session, our team will provide insights into the Bank’s initiatives and strategies aimed at fostering a robust digital ecosystem. You will learn more about our efforts towards promoting digital financial services, support for digital entrepreneurship, and leveraging emerging technologies to drive economic diversification and job creation.
“Furthermore, our team will highlight the intricate linkages between digital economy, youth empowerment, and sustainable job creation. In this regard, the CBN is focused on its core mandate of delivering price stability in order to provide an enabling environment for economic development.
Cardoso added that the study tour presents a unique opportunity for both parties to engage in fruitful discourse and explore collaborative strategies to address the multifaceted benefits and challenges of digital economy, youth empowerment, and sustainable job creation in Nigeria.