The future prospects of Nigeria’s banking industry would be greatly influenced by the continuous training and re-training of its manpower.
Managing Director, Nigeria Deposit Insurance Corporation ( NDIC), Alh.Umaru Ibrahim, stated this last weekend in Lagos during the induction of 2011 graduates of the Chartered Institute of Bankers of Nigeria (CIBN).
Ibrahim noted that although the nation’s financial services industry has undergone series of structural and institutional changes, strong and virile banking institutions cannot emerge without continuous upgrading of the skills and quality of the manpower in the industry.
According to him, this is the sure way of sustaining the relevance and value creation of organisations. “Banks, as we all know, play a crucial role in economic development of a nation particularly through their role of financial intermediation.
Therefore, the issue of having in place the appropriate skills and experiences in the nation’s banking sector is crucial, considering the need and demand of the FS20:2020 and also to ensure that Vision 2020 becomes a reality for investment and economic growth in Nigeria. Over the years, the Nigerian financial services industry has undergone a series of structural and institutional changes.
Under such changes, I must emphasize here that there is no short cut to building a strong and virile banking institution except through a continuous upgrading of the skills and quality of the manpower resources in the banking industry.
In an environment of rapid change, a key factor that will influence the future prospects of the nation’s banking industry will be investment in its human capital.
“In a fast changing world, I must reiterate here that continuous training and re-training is a sure way of sustaining organisation’s relevance and value creation.
Investing in the development of human capital will be the differentiating factor that will contribute to the effectiveness, resilience and competitiveness of the Nigerian banking sector.
Unfortunately, only a few banks now show interest in investing in human capital. Rather, many now prefer to poach from other banks thereby recycling the same skilled/experienced hands within the system.