Senate moves to strengthen Nigeria’s financial system

The Senate Committee on Banking, Insurance and Other Financial Institutions has convened a stakeholders' engagement in Lagos to develop coordinated measures for strengthening Nigeria's financial system. The committee, led by Chairman Mukhail Abiru, brought together major regulators and industry experts, including the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission, and Nigeria Export-Import Bank.

Abiru emphasized the importance of legislative reforms and cooperation between lawmakers, regulators, and industry stakeholders to address challenges such as inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration, and the need to diversify Nigeria's export base. The engagement aimed to generate practical solutions to emerging challenges in the sector and develop legislation and policies capable of addressing these challenges.

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