Lagos Reaffirms Commitment to Fostering Enabling Environment for Businesses

*CIBN launches next generation forumNume Ekeghe and Oluchi Chibuzor

The Governor of Lagos State, Babajide Sanwo-Olu, has reiterated his administration’s commitment to fostering an enabling environment for economic growth across all sectors in the state.

Also yesterday, the Chartered Institute of Bankers Nigeria (CIBN) kicked off the ‘Generation Next Forum,’ an initiative targeted at attracting youths into the financial ecosystems and educating them about the trends that would shape the future of banking.
The Governor who was represented by his Deputy, Dr. Obafemi Hazmat, reiterated his commitment yesterday, while speaking at the inaugural edition of the CIBN Generation Next Forum.

Delivering the speech, Sanwo-Olu said the theme of the forum, ‘Industry 5.0 Banking Revolution: Insights for Generation Next’ could not be more timely or relevant as the nation’s teeming youth continued to search for and lay a solid foundation for a fulfilling and rewarding career in the various sectors of the economy including the banking sector.

He said the concept of Industry 5.0 represented the convergence of advanced technologies such as artificial intelligence, the internet of things, block-chain, and robotics, with the core elements of humanity and society.
According to him, it heralds a new era, “one that would transform every aspect of lives, including the banking and finance industry.”
He acknowledged that in the face of such transformation, the banking sector must be at the forefront of innovation, adaptability and inclusivity.

He opined that the nation must recognie that the time to empower and prepare its youth to contribute meaningfully to the economic ecosystem was now.
According to him, “As a government, we are committed to fostering an enabling environment that encourages the growth and development of all the critical sectors including the banking sector in our state.

“Lagos, as the commercial hub of Nigeria and a leading financial center in Africa, has a unique role to play in embracing and leveraging Industry 5.0.
“Our young generation is naturally inclined towards technology and innovation, and they hold the key to unlocking the full potential of Industry 5.0. Today’s forum presents us with an invaluable opportunity to examine the criticality of this revolution and explore how it will profoundly impact the banking and finance sector, with specific focus on how it affects the young generation.”

For the President/Chairman of Council, CIBN, Dr. Ken Opara, the event marked a significant milestone in the institute’s relentless quest for excellence and innovative solutions within the banking and finance industry.

He noted that in pursuit of progress, “we find ourselves at the cusp of a new era, one that has been termed the Fifth Industrial Revolution.”
According to him, unlike its precursor, the Fifth Industrial Revolution goes beyond the boundaries of technology and efficiency-driven practices.
He maintained that it encompasses a profound paradigm shift that incorporates the principles of sustainability, human-centeredness, and concern for the environment.

“Esteemed audience, this inaugural edition of the CIBN Generation Next Forum is dedicated to inspiring the younger generation to pursue rewarding careers within the banking industry.

“The recent spate of exodus of young Nigerians to foreign countries in what is known as the ‘Japa syndrome’ propelled the Institute working in consonance with the banking industry to establish a human capital development fund for the purpose of building capacity for the Nigerian Banking Industry,” he added.