The Financial, Banks Online Publishers urged government to work assiduously to formulate plans to attract over N36 trillion in the informal sector into the banking system.
This was the resolutions reached at the end of FiBOP’s Workshop held October 18 -20, 2024 at the Orchid Hotel Lekki in Lagos.
The event was held under the Theme: Digital Innovations, Deepening infrastructure for Efficient financial Ecosystem.
In a Communique issued after the workshop, Stakeholders agreed that government should address and empower access to credit of the informal sector by reducing cost of credit as it seeks ways to grow the internally generated revenue.
Nigerian Ports and its environs surrounded by the Atlantic Ocean should think of how to make the initial huge investment in infrastructure to harness water resources to generate its own electricity through investment in hydro and gas energy to power the ports and its environs.
They insisted that there is the need to integrate all stakeholders into one digital e-customs modernisation project platform to achieve more success, the NCS digitisation process is pivotal in enhancing the efficiency of trade and revenue generation and collection and it will continually be a transformative force leveraging information technology (ICT) and digital solutions that revolutionise traditional trade processes.
The communique also stated that there is the need for effective collaboration among the ministry of communication and digital technology, banks and other relevant government agencies to build improved digital infrastructure as a means of lowering costs and upgrading transactions efficiency in the banking sector.
Stakeholders also agreed that customs should sustain the authorised economic operators (AEO) programme in line with the world customs organization (WCO) safe framework of standards designed to enhance security in the supply chain while facilitating trade and reducing leakages caused by smuggling or underreporting while systems like NICIS II streamline import and export documentation and ensuring that duties are accessed in real time, fast tracking clearance and simplifying payment processes.
The costly digital infrastructure could be provided through the public -private partnership in NCS modernisation project to enable it leverage on cutting edge technologies and expertise without overburdening the national budget.
Participants believe that the cyber security challenges such as high costs and cyber security risks must be carefully managed to sustain the gains achieved through these initiatives.
That digital infrastructure automation is key in import duty collection thus minimising manual errors and reducing time delays.
There is need for our home-grown financial infrastructure to pay attention to peoples’ needs by conducting people-needs assessment.
Again, there is the need for establishing a study group in Nigeria’s ICT sector that will be responsible for researching and ascertaining the needs of Nigerians in the area of technology so that the needs of the people will be known and solutions provided.
Stakeholders also task the government through the Nigerian Communication commission to redouble efforts to eliminate down time or reduce to the barest minimum the number of hours lost per downtime relative to countries with back up systems that bolster their network.
The event drew Stakeholders from the Banking, Maritime Oil and Gas Sectors as well as the Nigeria Customs Service.