Home Finance & Economy NDIC restates commitment to promoting economic growth

NDIC restates commitment to promoting economic growth

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Afusat Adeoye with News Agency

The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to promoting interface between industries and agriculture for sustainable national economic growth and development.

The Managing Director and Chief  Executive, NDIC, Umaru Ibrahim, made this known Kaduna, at the ongoing 41st Kaduna International Trade Fair organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).

Ibrahim, who was represented by the Director, Communication and Public Affairs, Dr Sunday Oluyemi, said that NDI would ensure safe, sound and stable banking sector that offers strong support to the agricultural sector.

He noted that the desire to spur agricultural sector performance has continued to be a cardinal objective of the current administration, leveraging on active support and collaboration of critical stakeholders like KADCCIMA.

According to him, achieving the lofty goals require the close support and collaboration of all critical stakeholders.

“NDIC, like other critical stakeholders in the financial system is fully aware of it’s obligations towards the fulfilment of the Federal Government economic policies.

“We are particularly aware that for agriculture to recapture its place as the top revenue earner for the nation, our farmers at all levels will require safe and secure access to financial services.

“Therefore, as a critical pillar in the Nigerian financial system, NDIC will continue to promote the needed link between industries and agriculture by ensuring sound and stable banking sector,” he said.

The managing director said that the NDIC and the Central Bank of Nigeria (CBN) has been taking steps to strengthen the operations of the Microfinance Banks (MFBS) with a view to making them relevant to the needs of farmers.

He said that the MFBS have been re-categorised with different capital requirements, adding that NDIC and CBN were equally financing the development of the National Microfinance Banks Unified Information Technology (NAMBUIT) platform.

He said that the platform was designed to address the challenge of technology in the operations of MFBS.

“Similarly, NDIC has taken the bold step to proactively address the implications and risks of technological innovations in the nation’s financial services industry.

“We have established a new “Fintech and Innovation Unit”, working and collaborating with innovators in the financial and non-financial sectors of the economy.

“Together we are identifying, developing and promoting technology-driven solutions that would protect depositors and improve the safety and soundness of the financial system,” he said.

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