Chairman, UBA Group, Transcorp Group Chairman, Tony Elumelu has urged the Federal Government to focus on the key areas that will shape Nigeria’s economic future, and address the major challenges to fix not just the current crisis, but that would permanently alter the country’s destiny.
The three critical areas reiterated for the government’s attention are, access to electricity, the need to protect the people, feed them, attract investment, foster trade, and youth entrepreneurship, by incentivising the youth to embrace the challenge of driving economic growth.
Elumelu pointed this out on Tuesday in his keynote speech he delivered at the CIBN 17th Annual Banking & Finance Conference held in Abuja.
Speaking on the theme, “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Mr. Elumelu said the country needs a comprehensive strategy to support the vast and diverse population and unlock the potential.
Accordong to him, “Nigeria is rich in resources, natural and human. But, time and time again, we have failed to invest in our people and our value chain.”
Stressing the need for to electricity, Elumelu highlighted that development is impossible without reliable access to electricity as 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 stated.
Elumelu reiterated that insecurity has become a national crisis, which must be dealt with decisively and urgently.
He noted that “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.”
On youth entrepreneurship, Elumelu urged the nation to incentivise the youth to embrace the challenge of driving economic growth because by supporting their businesses and creating an enabling environment, the country can empower SMEs to catalyse progress during these transformative times.
“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,” he stressed.
The Chairman of UBA Group said the banking sector is a cornerstone of Nigeria’s economy, noting that the transformation of the country’s banking sector over the last few decades, is one of Nigeria’s success stories.
He stressed that the sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.
However, he highlighted that the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.
To overcome these challenges, he urged stakeholders, including government agencies, regulatory bodies, and banking institutions to engage in constructive dialogue to foster a collaborative environment as working together, can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians.
In his appreciation remarks, Mr. Oliver Alawuba, GMD/CEO UBA Plc, Chairman Body of Banks’ CEOs and Chairman, 17th CIBN Annual Banking and Finance Consultative Committee at the CIBN Annual Banking and Finance Conference thanked all stakeholders, and urged the attendees to commit to building a financial sector that grows the economy.
“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 charged the participants.
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