Congressman Gregory W. Meeks Convenes Subcommittee Hearing on The Global Financial Crisis and Financial Reforms in Nigeria
(WASHINGTON, DC)– Congressman Gregory W. Meeks (D-NY), Chairman of the Subcommittee on International Monetary Policy and Trade, will hold a Subcommittee hearing on Tuesday, November 15, 2010 about the global financial crisis and financial reforms in Nigeria.
Nigeria is currently implementing dramatic reforms to its financial sector, as it responds to the effects of the global financial crisis. Nigeria is the most populous country in Africa, with an estimated population of 149 million people, and is the second largest economy in Sub-Saharan Africa after South Africa. Witnesses have been asked to discuss efforts to modernize Nigeria’s banking system, the progress of establishing a so-called “bad bank”, and reforms to the capital markets in efforts to increase lending, promote greater transparency and better governance, and to lay a stronger foundation for the country’s financial sector.
“Nigeria has endured a period of economic downturn as a direct result of the global financial crisis. In this hearing I plan to discuss and explore the financial reforms that Nigeria’s financial regulators are implementing to increase lending, reform capital and securities markets and provide transparent and efficient banking services. The International Monetary Fund, The World Bank, the African Development Bank, and the United States Securities and Exchange Commission have been instrumental in helping Nigeria cope with the impact of the financial crisis, and develop reforms to promote a stable, long term economic recovery strategy,” stated Congressman Meeks.
Please direct all questions concerning this briefing to my staff director Stephane LeBouder at Stephane.lebouder@mail.house.gov or (202) 225-3461.
Who: Subcommittee on International Monetary Policy and Trade
What: Briefing entitled, “The Global Financial Crisis and Financial Reforms in Nigeria”
When: November 16, 2010 at 3:00 p.m.
Where: 2128 Rayburn House Office Building