By Tochukwu Bliss, Abuja
For Nigeria to return to the path of economic prosperity, governments at all levels must address access to electricity, guarantee security, and boost youth entrepreneurship, according to the Chairman, UBA Group, Tony Elumelu.
Mr. Elumelu identified these three areas as strategies to reshaping the country’s economic future, saying these will not only fix our current crisis, but will permanently alter our destiny.
The UBA Chairman said this yesterday, in his keynote at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking & Finance Conference, themed: “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” held at the Transcorp Hilton Abuja.
Mr. Elumelu, who also chairs the Transcorp Group, Founder, Heirs Holdings Group, and The Tony Elumelu Foundation, acknowledged that it has been a tough year for Nigeria, given the surging inflation, which is causing pain across our economy.
He said: “Our country has been hit hard. As a nation, we import more than we export, and with a manufacturing sector struggling and the continued growth of our population, we require more than just short term ‘interventions’.”
Accordingly, he argued that “We need a comprehensive strategy to support our vast and diverse population and unlock our potential,” adding that “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.”
He continued: “And by value chain, I mean not just our oil & gas or manufacturing, I mean power, I mean schools, universities, our institutions – all those foundations that provide the ecosystem for a country to succeed.
“A country that does not address its basic infrastructure needs, is a country that cannot realise its potential.
“At this time of uncertainty, we all – citizens and government – must transform this crisis into an opportunity—a blueprint for creating a thriving, people and investor-friendly environment.”
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.
Encouraging investment
Expatiating on his three key strategies, Mr. Elumelu reiterated that “Nigeria cannot industrialise, our youth cannot be educated without ensuring our abundant natural resources are translated into plentiful, robust power for all.”
According to him, a power ecosystem that encourages investment and unlocks economic potential can only come about if the government “protect our people, feed them, attract investment, and foster trade,” as well as prioritise security.
He noted that “Insecurity has become a national crisis, which must be dealt with decisively and urgently.”
He continued: “We must incentivise our youth 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.”
For Mr Elumelu, this is the essence of his much-talked about, “Africapitalism, the importance of the private sector driving economic change, but delivering it in a way that is just and equitable – but we cannot do good and do well when our people who strive cannot thrive.”
Although admitting that the banking industry has been the most buoyant and resilient amid all the economic crises, he, however, insisted 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.
“By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians.”
Walk the talk
In his appreciation remarks, the Group Managing Director, UBA Plc, Oliver Alawuba, urged participants to reflect on the wealth of knowledge, insights, and strategies shared over the course of the conference.
He, therefore, urged “each of us to transform these learnings into action. Our collective future depends on the steps we take today to innovate, collaborate, and drive progress.
“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.”
Mr. Alawuba, who also chairs the Body of Banks’ CEOs, and 17th Annual Banking and Finance Consultative Committee, noted that the high-quality attendance reflects a deep and unwavering commitment to the advancement of the banking sector and the economic growth of our beloved nation.
He added that the presence of all participants – local and international, delegates, and CIBN members, “signifies our shared commitment to advancing not only the financial sector but also the broader goals of national development.”
