After the development of the National Economic Empowerment and Development Strategy (NEEDS), which is Nigeria’s comprehensive plan for poverty reduction, employment generation, wealth creation and value reorientation, it became clear that with a more robust financial sector, and as Goldman Sachs predicted (based on Nigeria being one of the “Next 11” countries with the potential to become like Brazil, Russia, India and China), Nigeria could become one of the top twenty biggest economies of the world by 2025. Thus the Financial System Strategy 2020 was born. It is the blueprint for engineering Nigeria’s evolution into an international financial center and for developing the financial sector into a growth catalyst that will enable Nigeria’s transformation into one of the 20 largest economies in the world by 2020.
Objectives of the FSS2020: The broad objectives of FSS2020 include:
• 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.