.Urges FG to tackle insecurity decisively
.My govt focused on restoring confidence in economy -‘Tinubu
CHIGOZIE AMADI
The Chairman of UBA Group, Tony Elumelu has called for engagement of Nigerian youth to drive the country’s economic growth, noting that small and medium enterprises, SMEs should be made to catalyse progress during the transformative times.
Elumelu made the call in his keynote address at the Charteted Institute of Bankers of Nigeria, CIBN 17th Annual Banking & Finance Conference at the Transcorp Hilton, Abuja.
The conference has the theme, ‘Accelerated Economic Growth and Development:The State of Play and the Way Forward.’
He further explained that to address the challenges in the banking sector, there should be collective dialogue of all stakeholders, adding that the sector should be made more resilient to drive economic growth and supports the aspirations of Nigerians.
He identified three critical areas that must be addressed by government to correct the challenges facing Nigeria.
According to him, “Development is impossible without reliable access to electricity. Power is a fundamental resource, that impacts every aspect of life—from hospitals to homes and businesses.
“Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all.
“A power ecosystem that encourages investment and unlocks our economy.To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone.”
Also, Elumelu noted that without security developmental drive would remain a mirage, saying the government should prioritise security.
“To protect our people, feed them, attract investment, and foster trade, insecurity has become a national crisis, which must be dealt with decisively and urgently.
“Our people deserve to go to their farms unhindered, live peacefully and conduct their lives and businesses without fear; it is the fundamental right of every citizen.
Furthermore, he said, “We must incentivise our youth to embrace the challenge of driving economic growth. We face a choice, either we offer our young a future where opportunity is outside Nigeria, forcing our best and brightest to leave, to undertake perilous journeys, that split families and destroy lives – or we create a Nigeria, where value and wealth creation can take place at home, where our young can realise their dreams in Nigeria, for Nigeria.
“By supporting their businesses and creating an enabling environment, we can empower SMEs to catalyse our progress during these transformative times,” he stated.
Speaking specifically on banking sector, Elumelu said, “Our banking sector is a cornerstone of Nigeria’s economy. The transformation of our banking sector over the last few decades, is one of our success stories.The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders”.
He noted that the sector faced challenges, which according to him included, regulatory and high compliance costs that have impeded its growth and innovation.
“To overcome these challenges, stakeholders—including government agencies, regulatory bodies, and banking institutions—must engage in constructive dialogue to foster a collaborative environment.
“By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians.The success of Nigerian banking sector is felt beyond Nigeria.
“Nigerian banks have become multinationals, leading the sector across Africa, establishing themselves in the world’s financial capitals – and in doing so they have changed how our country is perceived, created pathways to opportunity and set themselves up as role models for our other industries.”
He stressed that Nigeria is rich in resources but failed to invest her people value chain. “A country that does not address its basic infrastructure needs, is a country that cannot realise its potential.”
The Chairman 17th CIBN and Finance Consultative Committee, Oliver Alawuba said, “As we reflect on the wealth of knowledge, insights, and strategies shared over the course of this conference, I urge each of us to transform these learnings into action.
Alawuba noted that: “Our collective future depends on the steps we take today to innovate, collaborate, and drive progress.
Alawuba who is the Chairman Body of Banks and GMD UBA Plc stressed, “Let us not merely leave this conference inspired but let us leave it determined to execute – committing ourselves to building a financial sector that powers our economy, lifts our people, and transforms our world.”
My govt focused on restoring confidence in economy, says Tinubu
Meanwhile, President Bola Ahmed Tinubu has said his administration has taken courageous steps to reform Nigeria’s macroeconomic environment, with a focus on restoring confidence in the economy.
This, he said, the federal government is rigorously working to actualise through measures targeted at reducing inflation, stabilising the foreign exchange market and improving fiscal management.
The President spoke on Tuesday when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria.
Tinubu, who was represented at the event by Vice President Kashim Shettima described this year’s theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative, noting that it came at a time the nation is grappling with interrelated challenges.
Listing the challenges to include high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, the President observed however that the challenges also present opportunities for growth and development.
“This theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges, and explore actionable strategies to accelerate growth and development sustainably and inclusively,” he noted.
Explaining efforts being made to restore confidence in the nation’s economy, Tinubu said, “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system”.
Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
“We are committed to upgrading Nigeria’s infrastructure to support economic growth. We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.
He further explained why the administration is prioritising the digital economy, which he said will drive innovation and enhance financial inclusion.
He continued: “We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program. For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.
“These efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country. It is essential to state that we are committed to achieving a 70% digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement.”
On the way forward, the President called for collaboration across all sectors, including the government, private industry, and civil society organisations, saying, “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development”.
He expressed hope that the conference will provide a platform for the sharing of ideas, exchange of knowledge, and exploration of innovative solutions to the challenges bedevilling the country.
“The conversations during this event will allow us to dissect the critical problems affecting our financial system and economy, identify growth opportunities, and collectively shape the future of banking and finance in Nigeria,” he added.
