Overview and Objectives of FSS 2020
The strategy for what Nigeria’s financial services industry should look like by 2020, tagged Financial System Strategy 2020 (FSS2020), is part of the federal government’s ongoing reforms and CBN’s 13-point program.
FSS2020 aims to transform Nigeria’s financial services industry into a catalyst for growth, develop Nigeria into an international financial center, and transform Nigeria into one of the twenty largest economies in the world by the year 2020. Given that Nigeria’s population is about one-fifth of Africa’s total population, and as Nigeria’s GDP is about 80% of the total GDP of the 16 countries that make up the Economic Community of West African States (ECOWAS), the effects of FSS2020 are expected to extend beyond Nigeria. As Goldman Sachs pointed out in a 2003 report, Nigeria is one of the identified “Next 11” countries (N11) with the potential to become like Brazil, Russia, India and China (BRIC).
The broad objectives of the FSS2020 program include:
Led by CBN, FSS2020’s other stakeholders include the Federal Ministry of
Finance, National Assembly, Securities and Exchange Commission, Nigeria Deposit
Insurance Corporation, National Insurance Commission, National Pension
Commission, Money Market Association, Federal Inland Revenue Service, Nigerian
Insurers Association, Nigerian Association of Chambers of Commerce, Industry,
Mines and Agriculture, Manufacturers Association of Nigeria, Debt Management
Office, Nigerian Stock Exchange, deposit money banks, Federal Mortgage Bank,
Bank of Industry, Nigerian Export-Import Bank, and Nigeria Agricultural Cooperative and Rural Development Bank.
- Developing a shared vision and an integrated strategy for the nation’s financial system.
- Developing market and infrastructure strategies that will align fully with the strategic intent of the overall system.
- Creating a performance management framework and building a partnership of all key stakeholders to implement the strategy.
- Establishing a harmonious and collaborative environment for the development and delivery of the strategy.