The Central Bank of Nigeria (CBN) in recognition of its developmental role and in the exercise of its oversight function over the Financial Services Industry, has undertaken to intervene in the postgraduate programmes of three selected universities; Ahmadu Bello University, University of Ibadan and University of Nigeria.
The Central Bank of Nigeria Collaborative Postgraduate Programme (CBN-CPP) is the Bank’s flagship intervention in the education sub-sector which is aimed at producing a critical mass of well-educated postgraduate degree holders in the fields of Accounting, Banking and Finance, Business Administration and Economics for the financial services industry, and the Nigerian economy as a whole. The CBN-CPP is housed at the Central Bank of Nigeria Centres of Excellence located in each of the Universities.
The human capital needs of this quantum leap from where we are at the moment are such that the quantity and quality of currently available human capital in the country’s financial sector may be unable to cope. If this vision is to be realized, there is an urgent need for necessary steps towards the significant enhancement of existing human capital in the financial sector. Thus, the strength of any financial system lies in the ability of its people to continually learn and apply knowledge, skills, and cutting-edge technology.
The programme content is designed to address widely acknowledged gaps in skill and competency requirements within the industry, taking cognizance of existing domestic capacities and their trends, and in relation to the experiences and trends of global benchmark countries. The idea is to create new programmes that will achieve purposeful alignment of programme contents with identified skill gaps and challenges in relation to the objectives of a modern and global financial system.
It is an indisputable fact that the financial sector oils the National economy. Hence, the overall success of the national reform program will, to a large extent, depend on the reform of its financial sector. In fact, it is a widely accepted view that the cost of failure in financial sector reforms, due to lack of requisite manpower could be so severe as to hamper country’s overall drive towards becoming a highly industrialised economy. It would, no doubt, impede the realization of other targets and goals of the National economic reform programme, given the pivotal role of the financial sector. Hence, the aim of the CBN-CPP is to produce graduates that have the requisite skills for the financial sub-sector and the entire economy at the level of competence comparable to top business schools across the globe.
Against this background, the Centres would focus on: teaching and capacity building, research, outreach, and staff development.