Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed

Minister of finance, budget and national planning Zainab Ahmed has said the resilience of the nation’s financial system, led by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) made the nation’s economy to stay afloat in the light of recent socio-economic challenges that have continued to undermine the safety and stability of the financial system across the globe. The social economic challenges are accentuated by the lingering effects of COVID-19 pandemic, Russian-Ukraine war, global supply disruptions and climate change challenges. The Nigerian economy felt the brunt of the global economic distortion, having to go into recession twice in the space of five years. However, the minister said the resilience of the nation’s financial system enabled the country to exit recession within months. “We also make bold to say that despite these economic challenges, no depositors’ fund was lost given the effectiveness of our agencies, most especially the CBN and the NDIC,” Mrs Ahmed said yesterday at the 3-day International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) technical assistance workshop hosted by NDIC in Abuja.

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