Overview

The document is the welcome address by Chief (Dr.) J. O. Sanusi, Governor of the Central Bank of Nigeria, at the opening ceremony of the Second National Workshop on the Development of the Nigerian Financial Markets, held from October 5 to 7, 2003, at the ECOWAS Secretariat in Abuja. The workshop was organized by the Financial Services Regulation Co-ordinating Committee (FSRCC). The address highlights the importance of the workshop's theme, 'Deepening the Nigerian Financial Markets for Private Sector Led Economic Growth,' and commends the FSRCC for its role in coordinating financial sector supervision. It provides background on the FSRCC, established in 1994 and given legal status in 1999, with responsibilities including coordinating supervision of financial institutions, harmonizing standards, sharing information, and promoting safe practices. The address notes achievements such as enhanced cooperation among regulators, a forthcoming website, and review of statutes to eliminate regulatory arbitrage. It emphasizes the need for rapid passage of draft laws and the benefits of information sharing in preventing systemic financial problems and enhancing market efficiency. The address concludes by welcoming participants and noting the expansion of the scope of participants to include private sector operators and market stakeholders for broader input into financial market development.

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