The lack of an efficient and resilient financial system is still holding back inclusive and sustainable growth in emerging markets across the globe including Nigeria, a global financial and economy consultant, PwC Project Blue, has stated in its recent findings.
The financial expert also said that Nigeria had the highest percentage of its population living in poverty, with its financial system showing the least progress of all the seven emerging markets: Nigeria, Brazil, China, India, Indonesia, Mexico and South Africa.
‘’In five of the eight key areas, Nigeria’s financial system scores significantly below PwC’s fit-for-purpose targets, holding back inclusive and sustainable growth. However, the success of Nigeria’s auto-enrolment pension model is a bright spot,’’ the respected institution said.
The report is entitled: ‘Geared up for growth: Shaping a fit-for- purpose financial system’.
In the paper, PwC sets out what an efficient, resilient and inclusive financial system looks like across eight key dimensions; and how leading emerging markets – Nigeria, Brazil, China, India, Indonesia, Mexico and South Africa – rate against its ‘fit for purpose’ targets.
The assessment highlights considerable room for further improvements in key areas, ranging from financial inclusion to pensions and protection.
‘’While growth in emerging markets continues to outstrip developed counterparts and hundreds of millions of people have been lifted out of poverty, developing a well-functioning financial system remains critical to tackling poverty and sustaining economic growth over the long term’’, PwC added.
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