By Matthew Denis
Tony Elumelu, Chairman of United Bank for Africa (UBA) Group has stressed that Nigerians must work together to achieve economic growth desired for the country.
Elumelu stated this while delivering his keynote address at the 17th Annual Banking & Finance Conference of Chartered Institute of Bankers of Nigeria (CIBN), held at Transcorp Hilton, Abuja, on Tuesday.
Speaking on the theme of the conference, entitled, “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Elumelu, who is also the chairman and founder, Heirs Holdings Group & The Tony Elumelu Foundation, emphasised the key areas that will shape Nigeria’s economic future.
He listed three key challenges Nigeria must address, to fix not just the current crisis, but to permanently alter her destiny.
The UBA chiarman listed access to electricity, security and youth entrepreneurship as the critical areas the country must address to have accelerated economic growth and development.
“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,” he said.
Elumelu also said the country must prioritise security to protect her 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,” he said.
The Heirs Holdings chairman further said Nigerian youth must be incentivised 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 added.
Elumelu said the banking sector is a cornerstone of Nigeria’s economy, adding that transformation of the banking sector over the last few decades, is one of the country’s success stories.
“The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders,” the UBA chairman said.
He, however, noted that the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.
“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 added.
Giving his vote of thanks, UBA GMD and Chairman, 17th Annual Banking and Finance Consultative Committee, Oliver Alawuba, urged stakeholders and participants to transform the wealth of knowledge, insights, and strategies shared over the course of the conference into action.
“Our collective future depends on the steps we take today to innovate, collaborate, and drive progress.
“In the words of the late visionary, Nelson Mandela (July 18, 1918 – December 5, 2013; revered South African anti-apartheid activist and first Black President of South Africa from 1994 to 1999): “Vision without action is just a dream. Action without vision just passes the time. But vision with action can change the world.”
“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,” Alawuba said.