So, the Central Bank of Nigeria, CBN has set a target for itself of what it wants Nigeria’s financial services sector to be like in 20202.

It calls it the Financial System Strategy 2020. To achieve this vision, it is proposing a set of laws that need to be in place before this transformation can happen.

On Thursday, the Financial System Strategy 2020 High Legal Working Group met in Kaduna to fine tune the proposed laws, (eight of them) which will be forwarded to the National Assembly.

The Bills are: Nigeria International Financial Centre Bill, Nigeria Financial Ombudsman Bill, Factoring Assignments (Establishment etc.) Bill 2015, Small and Medium Enterprises Agency Amendment and Other Related Matters Bill.

Others include: Securitization and Issuance of Asset Backed Securities Bill, National Payment Systems Management Bill 2015, The Nigerian Independent Warehouse Regulatory Agency Bill and The Mortgage Institutions and Allied Matters Bill.

The Legal Working Group, which is being chaired by the Director-General, Debt Management Office, Patience Oniha, will meet for 4 days to review the 8 bills.

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Oniha told newsmen at the retreat that the passage of the bills into law would keep Nigeria on track to becoming among the best 20 economies in the world.

According to her, it will ensure that Nigeria remains a jurisdiction of choice for local and foreign investors.

“One of the ingredients necessary for achieving (economic growth), is a robust and stable financial services sector which provides a wide range of products and services,” Oniha said.

She added that the overall target was to have large number of diverse operators working with efficient infrastructure and protected through regulations and legislation, and that “it is within this context, that the strategic role of the Financial System Strategy (FSS2020) should be viewed”.

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