The Chartered Institute of Bankers of Nigeria (CIBN) has said the banking sector has overcome past challenges and it is preparing for a future with both difficulties and opportunities.
The News Agency of Nigeria (NAN) reports that the meeting had the theme, “Implications for Businesses in 2024’’.
The President of the Council, Dr Ken Opara, said this at the 10th National Economic Outlook, on Tuesday in Lagos, adding that the banking sector faced significant challenges including non-performing loans, inflation, forex scarcity, and cybersecurity threats.
Despite these difficulties, Opara said that the sector demonstrated resilience, meeting regulatory benchmarks and maintaining stability.
“Continued economic stability, effective regulatory measures, and proactive risk management will be crucial as our financial institutions navigate the complexities of the year 2024.
“In the face of adversity, we trust that our banking sector will not only weather the storm but emerge stronger, more resilient, and better equipped to contribute to the sustained growth and prosperity of our nation as we share insights on how we can navigate the economic terrain in 2024 and beyond.’’
He said that the challenges and lessons learned from 2023 would guide the future of the banking industry.
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