Human Capital Development 


The FSS2020 human capital development strategy aims to chart a strategic direction for developing quality human capital to drive the achievement of the FSS2020 vision, taking into cognizance current local trends and experiences of global benchmark countries. Human development for the financial services industry is undertaken at various levels and in varying degrees by a number of professional bodies, financial, education institutions and financial institutions: the major players are

(i)   Federal and State Ministry of Education Including FCT
(ii)   National University Commission (NUC)
(iii)  Financial Institutions Training Centre (FITC)
(iv)  Chartered Institute Accountants of Nigeria (ICAN)
(i) Chartered Institute of Bankers (CIBN)
(ii)  Banking Institutions
(iii) National Board for Technical Education (NBTE)
(iv) Industrial Training Fund (ITF)
(xi)   Education Tax Fund (ETF)
(x)   Chartered Institute of Personnel Management (CIPM)
(xi)  And other relevant Institutions.

 

Regulation of human capital in the financial services industry
The roles of the respective regulators are basically to specify the minimum standards for the operations of the financial institutions, regulators of human capital in the financial services industry, the stakeholders, amongst them are
(i)   Central bank of Nigeria (CBN)
(ii)   Securities and Exchange Commission (SEC)
(iii) National Insurance Commission NAICOM
(iv) National Pension commission (PENCOM)
(v)   Other core Implementing Institutions
 

A summary of key issues that have affected the quality of human capital within the financial services industry can be classified under 2 categories:
(i) Issues which fall within the circle of influence ( issues that FSS2020 can influence and can have control over)
(ii) Issues which fall within the circle of concern ( issues that FSS2020 has no control over)

VISION
The human capital vision aims to increase Nigerians human development index over the years leading up to year 2020 to 0.950 and also to increase adult literacy to 95% and lastly education index to 0.99
Risk factors of achieving the human capital vision are;
- Non alignment with national human capital development strategy
- Lack of funds for implementation
- Decay of basic infrastructure
- Lack of commitment by policy makers
- Inconsistent and Policy Somersault

HCD STRATEGIC OBJECTIVES
Below are the strategic objectives identified to achieve the human capital vision.
(1)  Create a pool of highly skilled, talented, knowledgeable and competent   workforce with the right ethical orientation.
(2)  Develop a mechanism for continuously upgrading the skills of the  Nigerian workforce
(3)  Create an environment conducive for attracting and retaining high  quality workforce
(4)  Create the appropriate mechanism for effective engagement and  development of the available skilled workforce
(5)  Develop a financially literate community/society
(6)  Develop mechanism for Nigerians talents in Diaspora and other external stakeholders to support the growth and development of the financial sector
Human capital development in the 21st century is a very important concept. Industrial development is heavily hinged on human capital development. The success of FSS2020 fully depends on a well driven human capital development policies. There can be no reasonable achievement if human capital development is relegated. Human capital development is therefore an indispensable tool in a constantly changing world. It will suffice to say that human capital development is a perpetual new ways of doing old things in order to foster rapid growth and development.