Business
CBN Advocates Framework To Safeguard Economy
The Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has called for a framework that would safeguard the economy with the current spate of bombings across the country.
The governor made the call at the inauguration of the Business Continuity Institute (BCI), Nigeria Forum, in Abuja recently.
“Indeed, the current spates of bombings across the country by terrorist groups allude to the fact that our business environment is becoming more and more threatened.
“Therefore, there is the need for a framework that will enable us effectively respond to any crisis, safeguard lives and property and ensure stability and growth in our economic system,’’ he said.
Represented by the Deputy Governor (Operations), Mr Tunde Lemo, the governor, said many organisations had acknowledged the need for business continuity planning as essential priority for effective mitigation of natural disaster.
According to him, many have yet to discover that business continuity planning is also due diligence that must be on the strategic agenda of organisations.
He said that CBN agreed to sponsor the inauguration of the institute because it was part of its mandate to ensure the establishment of a sound, stable and safe financial system.
“On a macro level, we believe that a sound, stable and robust business environment will lead to economic growth, increase per capita income and enhance quality of life of the citizenry,’’ he said.
The CBN Director of Risk Management, Mrs Folake Fatuke, said the inauguration would promote professionalism and personal development in business continuity management in Nigeria.
She said that to have BCI, Nigeria Forum, would stimulate the development of Business Continuity management practices to improve organisational performance in Nigeria.
She commended the effort of the apex bank in training 20 staff to be BCI members and some banks for developing staff competence in the area.
It would be recalled that BCI was established in 1994 to enable members to obtain support from business continuity practitioners.
The institute has more than 6,500 members in 100 countries, including Canada, Japan, Switzerland and the U.S. as well as 2,500 organisations comprising the private and public sectors.
By the inauguration, Nigeria will be listed among the countries with BCI Forum in the world.