S’South contributed N34trn to Nigeria’s economy in 2024 —CIBN

Professor Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributed N34 trillion to the country’s economy in 2024.

According to the News Agency of Nigeria (NAN), he made the remark at the South-South Zonal Banking and Finance Conference in Calabar, Cross River State, on Thursday.

He spoke on the theme, ‘’Building an inclusive South-South: Economic diversification as a catalyst for development.’’

Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).

The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone, but significant expansions in trade, services and the creative industries.

According to him, to fully harness this potential, coordinated financial, technological and policy support is essential.

“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation and inclusive economic growth.

“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises,” he said.

Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholders collaborate to diversify the economy for shared prosperity.

He, however, commended Governor Bassey Otu for his pledge of land for CIBN Secretariat in Cross River State and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.

On his part, the governor said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.

Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy, while leveraging its shared natural endowment in agriculture and extractive resources.

“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River State in the South-South region.

“Diversification should be evidence-based and must be backed not just by financial advice, but project focused financing and real investment support,” he noted.

He said that Cross River State had taken the bold step to invest in its agricultural sector by launching an agro-processing hub.

Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.

Similarly, Mr Tolefe Jibunoh, Cross River State branch Controller of the Central Bank of Nigeria (CBN), said that the region was blessed with natural resources, cultural diversities and immense human potentials.

Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.

He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.

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