Our economy will bounce back – Buhari assures Nigerians

President Muhammadu Buhari has expressed confidence that the economy would bounce back strongly due to the right policy responses to the uncertainties created by the coronavirus pandemic.

Buhari made the remarks while declaring open the 13th annual banking and finance conference in Abuja themed “Facilitating a Sustainable Future-The Role of Banking and Finance.”

He said that since the government could not wait for things to get better on their own, it had formulated appropriate policies and implemented them steadily to address the challenges head on.

According to Buhari, the banking system, which is a critical component of the financial sector, is not immune against the potential impact of the current economic situation as banks have to restructure potentially bad loans in every sector of the economy.

Represented by the Minister of Finance and National Planning, Zainab Ahmed, Buhari said: “With the current partial lifting of the lockdown, there are positive indications that some businesses are getting back to pre-pandemic levels.

“However, the uncertainty over the duration and intensity of the pandemic as well as its impact on the economy continues to be a cause for concern.

“It is expected that in post COVID-19, the financial sector should return to normal functioning without relying on the regulatory relaxations and other measures as the new norm.”

Earlier in his opening address, the President/ Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Bayo Olugbemi, said the conference was organised to enable stakeholders brainstorm and come up with far- reaching recommendations to better position the banks to effectively play their roles that will impact on the economy positively at this critical time.