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Nigeria’s Economy Shows Signs of Recovery Amidst Strategic Government Policies
The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has expressed optimism about Nigeria’s economic recovery, citing strategic government policies as the driving force behind this progress. According to ASSBIFI President Olusoji Oluwole, the economy is gradually stabilising, with recent developments indicating a positive turnaround.
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“To be candid, it has not been easy in the last year. The level of inflation, which led to job losses, was very high, and there was confusion everywhere. However, recent happenings show that the economy is picking up,” Oluwole said in an interview with The Nation. He highlighted the operations of Dangote Refinery, Port Harcourt, and Warri refineries as significant contributors to the economy, adding that the naira has also stabilised.
Oluwole praised the ongoing recapitalisation of banks, noting that many institutions have successfully completed the first phase, with others expected to follow suit. “The issue of recapitalisation is good for economic growth. Many banks have gone through the first phase, and with the way things are going, many more will meet up,” he said.
The ASSBIFI president also commended the Central Bank of Nigeria’s (CBN) efforts to strengthen financial institutions. “In the last two months, the CBN has been very compliant and conscious in ensuring that banks and other financial institutions follow laid-down procedures in their operations. This is restoring confidence in the system ahead of full recapitalisation.”
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Regarding the welfare of bank workers, Oluwole assured that ASSBIFI is engaging with bank management and stakeholders to protect workers’ rights, particularly in the face of potential mergers. “What we expect from most banks is business expansion, which will help protect the livelihood of our members and minimise job losses.”
Oluwole urged workers to embrace technological advancements, such as artificial intelligence (AI), as a means of enhancing productivity rather than a threat. “Workers must ensure they improve their knowledge and skills in technology. The work environment is dynamic; nothing remains the same, and everything keeps changing.”
He cautioned bank management against losing experienced staff due to the ongoing “Japa” syndrome, where skilled professionals seek better opportunities abroad. “Many of those who remain in the sector are highly experienced, and training new workers will not be easy given the sensitivity of banking jobs. It would not be wise for management to start discarding the few experienced staff still on the ground.”
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