CBN, others discuss Nigeria’s digital future at CIO Africa inaugural summit

The Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) and other critical stakeholders have called for collaboration between policy makers and the private sector to ensure that Nigeria explores more opportunities of digitalization in transforming the country’s economy.

This call was made at the CIO Club Africa inaugural summit tagged, “The Role of Digitalisation in Transforming the Economy,” held at the Civic Centre in Victoria Island, Lagos at the weekend.

In his keynote address, the Deputy Director of the Central Bank of Nigeria (CBN), Adebisi Shonubi, explained that the best way to support digitalisation and improve productivity in the country is to seek ways to engage people, especially youths to be more productive.

“So we have the capacity here in this country, the only thing needed is to channel the energy of our youths into positive use of these technologies to help grow and develop our economy.”

In his remarks, Managing Director of Nigeria Inter-Bank Settlement System plc (NIBSS), Premier Oiwoh, noted that technological transformations have impacted economic activities, particularly the on-demand, sharing, and circular economic systems.

“Therefore, policy, regulation, and incentives are some of the factors that should be prioritized, while also seeking ways to ensure technology contents are localised”, he added.

Earlier in his opening speech, the Chairman, Board of Trustees, CIO Club Africa, Mr. Olayinka Oni, said that though digitalisation had great potential, there were some inhibitors such as lack of basic infrastructure and skills gap.