December 8, 2023


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ASSIBIFI calls for diversification of economy to arrest Forex rises.

There is no magic wand to  arrest the increase rise in foreign exchange which hovers around six hundred naira to the dollar unless the government takes the issue of diversification of the economy seriously, as Nigeria depends only on one commodity, “Oil” for her foreign exchange earnings.

To achieve this, the government should encourage production of goods and services for export, encourage agriculture and for Nigerians to value and patronise locally produced goods, instead of reliance on foreign goods.

These are words of the President of Association of Senior Staff of  Banks, Insurance and Financial Institutions,(ASSBIFI) Comrade Oyinkan Olasanoye during a press conference in Lagos on issues in the financial sector.

Comrade Oyinkan Olasanoye at the press conference.

She said as long as Nigeria economy depends on foreign goods and forex has to be sourced, there will be little that the country can do, and there is no magic wand the Central bank can apply.

Speaking on casualisation of workers in the financial sector, the ASSIBIFI president called for a policy that will guide casual workers and casualisation. She said the  labour law  that encourages outsourcing of workers needs to be looked into 
 as 70percent of bank workers are not permanent employees, but  under outsourcing companies.

She said  since the jobs of the casual workers are not secured, but temporary, this could spur them to be used as trojan horses for crime.

Speaking on the Insurance policies of the government, she called for strict enforcement of the policies and change of attitude by Nigerians towards the issue of Insurance.

She said “for instance there is a policy that there should be insurance coverage for all buildings, construction, motor vehicles and professionals, but wonder how many Nigerians believe in it.”

Comrade Olasanoye believes the implementation of the policies will drive the Insurance sector to contribute adequately to the Gross Domestic Product (GDP)