The overarching objective of the Financial System Strategy 2020 (FSS2020) is to integrate reforms in the financial sector and develop a shared vision that would enable the financial system to catalyze growth and help transform Nigeria into one of the twenty largest economies by 2020.
Transformation of the Financial System
• The implementation of FSS2020 since 2007 and the alignment of a number of the financial sector regulators and other key players in the sector (mostly referred to as the Implementing Institutions) is helping to foster key transformation in the Nigerian Financial System.
• Over the last several years across the various sectors in the system a number of reforms and initiatives have been pursued to strengthen the domestic financial market and position it as a catalyst to drive growth in the real sector, and to enable seamless linkage with international markets.
• Some of the key activities include the ongoing drive to expand access to finance, the drive to integrate the informal sector, the transformation of the payments system, the expansion and growth of the Bond Market, the improving credibility and size of the capital market, ongoing stability of the Banking sector, and ongoing focus on governance and risk management.
• Recently, the drive to engineer Nigeria into an International Financial Centre (IFC) in the Medium to Long term had a welcome boost with the public hearing of the necessary legislation. Full passage of the bill, which is impending in the near future, would accelerate the process of building an IFC in Nigeria.