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Senate says it’s working with financial institutions to stabilize Nigerian economy

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The Nigerian Senate says it is working closely with financial institutions to develop a system that will ensure economic stability.

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The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Ubah Sani, said this at a two-day retreat of the committee with other financial institutions in Kaduna.

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He said, the committee is also working to strengthen financial institutions, to effectively tackle cybercrime in the financial system.

The retreat provides an avenue for key players in the financial system, to discuss current development in the Nigerian economy, and the challenges presented by the complexity of the financial system.

It is also focusing on the need to address cybersecurity, which has posed serious threats to the safety and stability of the country’s financial system.

According to the committee, economic growth and development cannot adequately be achieved without the complementary efforts of institutional frameworks of the financial system.

It said, it is imperative to ensure the existence of a robust relationship between key players in the financial sector, to achieve sustainable economic growth.

The theme of the retreat is, Financial System Stability: A Panacea for Sustainable Economic Growth and Development.