FIBOP sets 14-Point Agenda for FG, Corporate Nigeria to Deepen Infrastructure for Efficient Ecosystem

The Finance and Business Online Publishers (FIBOP) has set a 14-point agenda for the Federal government and corporate Nigeria to deepen infrastructure for efficient Ecosystem.

The 14-point agenda was the highLight of its 2024 Annual Capacity Workshop held October 18 -20 at Orchid Hotels Lekki Lagos.

The workshop titled: : Innovation: Deepening Infrastructure for Efficient Financial Ecosystem, was well attended and drew participants from across Banking, Maritime,Oil and Gas,as well as Nigeria 🛃 Service (NCS) .

After a very robust debate and X- raying of issues , the participants agreed on a14-point communique namely:
That government should facilitate a home grown financial infrastructure that will bring in the estimated N36 trillion in the informal sector as it harps on the policy of financial inclusion.

They also agreed that the government should address and empower access to credit of the informal sector by reducing cost of credit as it seeks ways to grow the internally generated revenue.

Further more, the Nigerian ports and its environs surrounded by the Atlantic Ocean should think of how to make the initial huge investment in infrastructure to harness water resources to generate its own electricity through investment in hydro and gas energy to power the ports and its environs.

The participants stressed the need to integrate all stakeholders into one digital e-customs modernisation project platform to achieve more success.

Besides, the NCS digitisation process is pivotal in enhancing the efficiency of trade , revenue generation, collection and will continually be a transformative force, leveraging information technology (ICT) and digital solutions that revolutionise traditional trade processes.

Moreso they emphasized the need for effective collaboration among the ministry of communication and digital technology, banks and other relevant government agencies to build improved digital infrastructure as a means of lowering costs and upgrading transactions efficiency in the banking sector.

The stakeholders also agreed that customs should sustain the authorised economic operators (AEO) programme in line with the world customs organization (WCO) SAFE FRAMEWORK of standards designed to enhance security in the supply chain while facilitating trade and reducing leakages caused by smuggling or underreporting.

**Cross section of participants at the workshop**

In the same vein, systems like NICIS II will streamline import and export documentation and ensuring that duties are accessed in real time, fast tracking clearance and simplifying payment processes.

However, noting the costly digital infrastructure, participants said it could be provided through the public -private partnership in NCS modernisation project to enable it leverage on cutting edge technologies and expertise without overburdening the national budget.

While considering the cyber security challenges such as high costs and cyber security risks, the stakeholders said it must be carefully managed to sustain the gains achieved through these initiatives.

In addition, the digital infrastructure automation, they argued , is key in import duty collection thus minimising manual errors and reducing time delays.

The participants agreed that the need for our home-grown financial infrastructure to pay attention to peoples’ needs by conducting people-needs assessment, can not be overemphasized.

They also called for the establishment of a study group in Nigeria’s ICT sector that will be responsible for researching and ascertaining the needs of Nigerians in the area of technology so that the needs of the people will be known and solutions provided.

The stakeholders task the government through the Nigerian Communication commission to redouble efforts to eliminate down time or reduce to the barest minimum the number of hours lost per downtime relative to countries with back up systems that bolster their network.