*The Chartered Institute of Bankers of Nigeria has urged consumers to embrace import substitution models, and proffered sustainable management strategies for economic growth and sustainable development of the economy

Emmanuel Akosile | ConsumerConnect

As a practical measure to promote indigenous products and services, economic growth, and sustainable development in the country, the Chartered Institute of Bankers of Nigeria (CIBN) has urged Nigerians to embrace import substitution models.

Dr. Bayo Olugbemi, President/Chairman of Council of CIBN, stated this when delivering his remarks at the 2021 CIBN Fellowship Investiture in Lagos.

ConsumerConnect reports the theme of this year’s  CIBN Fellowship Investiture is: ‘Nigeria’s Rising Debt Profile: Issues And Implications For Sustainable Economic Development’.

Nigerian products

The CIBN, at the event, conferred its honorary fellowship awards on 14 distinguished bankers in recognition of their contributions to the banking industry and the economy.

Likewise, 77 Associates became Fellows, while 146 senior management staff of banks and the academia became honorary senior members of the Institute.

The Institute also conferred awards on some personalities, including the Director-General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala; and the Deputy Governor, Central Bank of Nigeria (CBN), Dr. Kingsley Obiora.

The CIBN President informed participants in the conference that the choice of this year’s topic stemmed from the growing concerns of Nigerians about the rising debt profile of the country, and the need to educate the public on the issue, as well as proffer sustainable management strategies.

According to him, there was nothing wrong with borrowing, as he described public borrowing, public debt, and public debt management as normal features of a modern economy.

Olugbemi also noted that the major concern with borrowing by an individual, organisation, or a country is simply the purpose of the borrowing and the capacity to repay.

The CIBN President stated that high debt levels could not be overlooked, as historical accounts indicated that high debt ratios could negatively impact or, worse still, reverse economic growth.

He alluded to a research by the World Bank that confirmed that a public debt-to-GDP ratio of 77 percent and over would result in an adverse impact on economic growth in a country.

He, therefore, charged the stakeholders in the banking and finance industry to continually support efforts and initiatives of government aimed at improving the economy towards inclusive growth and development.