The Managing Director and Chief Executive of the NDIC, Thompson Oludare Sunday, stated this on Wednesday at the Corporation’s Special Day during the 21st Abuja International Trade Fair organised by the Abuja Chamber of Commerce, Industry, Mines and Agriculture.
Speaking on the theme of the Fair, “Resilience: Trade, Taxation and the Economy”, Sunday said the theme was timely, noting that it aligned with the realities of an economy undergoing significant transformation through reforms aimed at creating a stronger, more productive and resilient economic structure.
According to him, the NDIC has, for over three decades, remained a key pillar of Nigeria’s financial safety-net architecture through its mandates of deposit guarantee, bank supervision in collaboration with the Central Bank of Nigeria, failure resolution and bank liquidation.
He said these functions had direct implications for the resilience of the wider economy, particularly as businesses depended on a trusted banking system to protect working capital, facilitate payments and provide access to credit for investment and expansion.
“Every thriving business needs a trusted financial system that can safeguard its working capital, facilitate payments and support access to credit for investment and expansion. This is where the NDIC comes in,” he said.
Sunday explained that weak confidence in the safety of deposits and reliability of the payment system could undermine businesses’ ability to plan, expand and secure the financing needed to support productive activities.
He therefore described deposit insurance and banking system stability as more than regulatory responsibilities, saying they were essential enablers of trade, investment and sustainable economic growth.
He added that the NDIC was strengthening confidence in the banking system to ensure that depositors did not lose faith in the financial system merely because an insured institution failed.
This, he said, would support the broader objective of building a resilient and productive economy capable of sustaining long-term growth.
Sunday congratulated the Abuja Chamber of Commerce on the successful hosting of the 21st edition of the Trade Fair and encouraged participants to visit the NDIC Pavilion to obtain information on deposit protection and other services provided by the Corporation.
