The Chartered Institute of Bankers of Nigeria says Nigeria’s plan to diversify the economy is expected to boost foreign investors.
The CIBN President, Dr. Uche Olowu, said as soon as the economy was diversified, the country would see higher accretion in its foreign reserves and improved confidence in the economy.
Olowu explained that opportunities in the agricultural sector should be explored to improve the country’s capacity to export agric products, adding that the country has much to gain by investing in agriculture, which will boost foreign reserves.
He said, “The banking industry is now open to creative minds that are ready to explore untapped areas in the economy.”
According to him, the issue of non-performing loans has been taken care of as there is no hiding place for serial loan defaulters.
Olowu further stated that Nigeria’s economy would experience a gradual growth in gross domestic product, as impact of agric investments begin to materialize.
He, therefore, called on the government to allow the private sector to rebuild the country’s economy.
”The only way government can boost the country’s economic growth is to be market oriented, that is, by allowing the private sector to do more.
“We need a level playing field; a healthy competition that will be fair and transparent,” Olowu said.