CIBN, others advocate investment, diversification for growth
The Chartered Institute of Bankers of Nigeria (CIBN) has called for more investment in education, infrastructure and economic diversification to boost the nation’s prosperity and drive Gross Domestic Product (GDP) growth.
The institute also urged the government to facilitate trade and attract foreign direct investment, leveraging Nigeria’s large population to reduce poverty and achieve sustainable development.
President/Chairman of Council, CIBN, Prof. Pius Olanrewaju gave the advice over the weekend during the 2024 hybrid Fellowship Investiture ceremony of the institute convened in Victoria Island, Lagos.
Olanrewaju highlighted the economic challenges brought on by COVID-19, which led to a recession, slow recovery and rising inflation.
He explained that Nigeria has the potential to overcome these hurdles by capitalising on its population, abundant mineral resources and oil and gas reserves to unlock sustainable economic growth.
He said the theme of the event: “Maximising the Potentials of the Nigeria Economy: Policy Options, Challenges and Prospects” was apt.
He pointed to the success of countries like Singapore, Malaysia, Indonesia, and India, which overcame similar challenges through investments in education, infrastructure and economic diversification.
“These countries invested heavily in education, infrastructural development and economic diversification.
“They also facilitated trade, encouraged foreign direct investment and the overall effect of these individual policies paid off,” he said.
Olarenwaju further explained how Nigeria could reduce poverty by implementing effective strategies like India and Indonesia which lifted 248 million, 25 million people respectively out of poverty.
He congratulated honourees which included 15 Honorary Fellows, 421 Elected Fellows and 209 Honorary Senior Members.
Also, Gov. Abdullahi Sule of Nasarawa State, who joined the event virtually, expressed confidence in President Bola Tinubu’s commitment to resolving foreign exchange volatility but emphasised the need for collaboration with the banking sector.
Sule backed CIBN’s suggestions, urging the institute to develop actionable programmes to support the government’s efforts, particularly in agriculture and mining.
He said that his administration had continued to focus on these two sectors as well as others.
“It is very important that the banking industry and the government come together,” he said.
Secretary to the Ogun State Government, Tokunbo Talabi and one of the inductees, highlighted how economic challenges present opportunities for growth in Nigeria’s economy.
He encouraged professional bankers to partner with the government and other stakeholders to drive economic growth.
Guest speaker Prof. Adeola Adenikinju, President of the Nigerian Economic Society, emphasised the importance of consistent political commitment to reforms and the implementation of inclusive policies.
“Finally, we must develop and protect the middle class. Current government policies are likely to shrink it, and the middle class is pivotal to economic growth and sustenance,” he said.
Adenikinju also urged CIBN to hold both the government and institutions accountable.
He advocated for coordinated efforts between the government, private sector, and international partners to maximise economic opportunities.
Speaking on behalf of the honourees, Mr Moruf Oseni, Managing Director of Wema Bank, pledged the commitment of the inductees to policies that would promote growth in collaboration with the government.
The honourees included Dr Adeola Phillips, Chairman of the Board of Directors at Parallex Bank; Mr Bolaji Lawal, Managing Director of Ecobank; Dr Olasupo Olusi, Managing Director of the Bank of Industry; and Ms Bunmi Lawson, Managing Director of EdFin Microfinance Bank Ltd.
The event was chaired by Dr Stella Okoli, Group Managing Director of Emzor Pharmaceutical Industries Ltd.
