Fintech, real sector collaboration, a key to achieving $1trn economy — UBA Executive Director
By Esther Agbo
To achieve the Federal Government’s ambitious $1 trillion economy target, the Executive Director of Finance and Risk Management at United Bank for Africa Plc (UBA), Ugo Nwaghodoh, has called for greater collaboration between Nigeria’s banking sector, fintech innovators, and the real sector.
Speaking at the 2024 Annual Conference of the Finance Correspondents Association of Nigeria (FICAN), themed: Nigeria’s Journey Towards a $1trillion Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector.
Nwaghodoh emphasised that collective effort across industries is essential for realising this goal.
He said, “Nigeria’s journey to a $1trillion economy is not just a vision, it is a shared responsibility.
“The banking sector, fintech innovators, the real sector, and regulatory institutions must work hand-in-hand to drive this transformation. We are on the cusp of a new era, one that will be defined by innovation, resilience, and sustainable growth.
“Let us take this opportunity to collectively shape the future, ensuring that the Nigeria of tomorrow is one where prosperity is shared, opportunities abound, and our economy stands as a beacon of growth on the global stage.”
He noted that the country stands on the brink of a transformative era that could be shaped by innovation and resilience.
Continuing, he said, “As we gather to explore the theme of this conference, Nigeria’s Journey Towards $1tn Economy: Impact of Banks’ Recapitalization, Opportunities for Fintechs, and the Real Sector, we must reflect deeply on where we stand today, and the deliberate steps required to reach this ambitious milestone.
“The $1 trillion economy vision is bold, yet achievable. However, it requires not just incremental growth, but structural shifts in how we approach banking, financial innovation, and sectoral development.
“As we embark on this journey together, let us recognize that the future of Nigeria’s economy rests on the strategic alignment of policy, investment, technology, and, most importantly, our collective will to innovate and grow.”
Furthermore, on the role of banks, Nwaghodoh highlighted the importance of recapitalization, pointing out that it’s not simply a regulatory requirement but a strategy to equip financial institutions to drive economic transformation.
This recapitalisation, he explained, will enhance banks’ ability to expand credit facilities to the real sector, which is critical for stimulating sustainable growth and industrialization.
He emphasised the importance of global financial trends, such as digitization, artificial intelligence, and Environmental, Social, and Governance (ESG) criteria.
