Governor of Nigeria’s Central Bank urges ECOWAS member-states to reform banks

Governor of the Central Bank of Nigeria (CBN), Mr. Sanusi Lamido Sanusi,  has urged countries in West Africa to start reforming their banking industries.

According to Sanusi, Nigeria’s experience in the sector reform could provide useful lessons and insights for other African and EU countries currently in financial crisis, the NEXT publication reports.

He made the call at a Regional Conference jointly organised by the West African Institute for Financial Growth and Management (WAIFEM) and ECOWAS last week in Abuja.

The reform in Nigeria, Sanusi said has increased the growth rate of Gross Domestic Product (GDP) from 7.87% in 2010 to 8.71% in the fourth quarter of 2011 with inflation rate declining steadily from 15.6% in 2010 to 9.32% in August 2011.

“There was positive net inflow of foreign exchange in the second quarter of 2011 with a positive real interest rate. The reform had boosted investors’ confidence in the financial system and enhanced the reliability profile of banks in Nigeria,” the NEXT quoted Mr. Sanusi as saying.

He added that as at September 2011, all banks in the country had been fully recapitalised.

By Ekow Quandzie