It is important to note that any economy that cannot create jobs on a continuous basis, reduce poverty, and guarantee its citizens functional and qualitative education as well as world class infrastructural facilities is not only unsustainable but would remain globally uncompetitive. Attainment of this fit goes beyond short term palliative measures. It requires a strategic medium to long term measures.
This explains why the focus of the recent CBN reforms is in the following four areas (pillars) namely: enhancing the quality of banks, establishment of financial stability, enabling healthy financial sector evolution, and ensuring that the financial sector contributes to the real economy. A brief discussion of each of these pillars is very critical to an understanding of where we are going.