CIBN Tasked Nigerian Youths To Embrace Import Substitution Models For Economic Growth - Jobisco

CIBN Tasked Nigerian Youths To Embrace Import Substitution Models For Economic Growth

Chartered Institute of Bankers of Nigeria

The Chartered Institute of Bankers of Nigeria (CIBN) has tasked Nigerians youths to embrace import substitution models that will help promotes home grown products and services, economic growth, and sustainable development in the country.

Dr. Bayo Olugbemithe President/Chairman of Council of the Institute made the call while delivering his remarks at the 2021 CIBN Fellowship Investiture in Lagos state.

The CIBN at its Fellowship Investiture formally conferred its honorary fellowship awards on 14 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 Associates as Elected Fellows while 146 Senior Management Staff of banks and the academia became Honorary Senior Members of the Institute at the event themed, Nigeria’s Rising Debt Profile: Issues and Implications for Sustainable Economic Development.

Awards were conferred to the Director General of World Trade Organization (WTO), Dr. (Mrs) Ngozi Okonjo-Iweala and others at the 2021 CIBN Fellowship Investiture.

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The CIBN President at the event, stated that high debt levels cannot be overlooked. Historical accounts shows that high debt ratios could negatively impact or worse still, reverse economic growth. He cited example of the research by the World Bank confirms that a public debt-to-GDP ratio of 77% and over would result in an adverse impact on economic growth.

Dr. Olugbemi who was at the event told participants that attended physically or that connected to the event across the globe through Zoom and YouTube that the choice of this year’s topic stems from the growing concerns of Nigerians about the rising debt profile of the country and the need to educate the public on this issue as well as proffer sustainable management strategies.

He also urged stakeholders in the banking and finance industry to continually support efforts and initiatives of government aimed at improving the economy toward inclusive growth and development. He, however, urged government to do all to minimize excessive borrowing. READ MORE...

Source: Financial Edge.

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