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Almost everyone in private institutions understand some of the regulatory difficulties that central banks face when opening the market to new players and allowing a more diverse and competitive market to grow, while promoting innovation and transparency. Regulators in many countries are convening broadly-based industry councils to hear the market players and build a dialogue that benefits the country and the users of these financial services, within the country and internationally.
The new ministry is expected to coordinate and execute the duties of these agencies in order to provide the social security direly needed by Nigerians. The situation whereby victims of emergencies (refugees, kidnap or brigandage, etc.) are rehabilitated and left to go aimlessly without any provision to cushion any aftershocks in their future life is one of the gaps seen in our humanitarian and disaster management sector.
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