By Abiola Olawale
The chairman of the United Bank for Africa (UBA) Group and Africa’s business mogul, Mr Tony Elumelu, has provided insights into strategic steps Nigeria needs to take to overcome its current economic situation and foster significant development.
He emphasized the necessity for Nigerians to collaborate to realize the sought-after economic growth for the nation.
Elumelu, who is also the chairman and founder of Heirs Holdings Group & The Tony Elumelu Foundation, made this known 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.
According to him, Nigeria must confront three fundamental challenges not only to resolve the current crisis but also to permanently reshape its future.
The chairman of UBA identified access to electricity, security, and youth entrepreneurship as the fundamental challenges.
He said: “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, and 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.”
Elumelu also emphasized the critical importance of prioritizing security, food security, attracting investment, and promoting trade for the protection and well-being of the Nigerian populace.
Additionally, he stressed the need to incentivize Nigerian youth to actively engage in driving economic growth.
He added: “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.
“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.”
Elumelu, in his address, also pointed out the critical role being played by the banking sector as a cornerstone of Nigeria’s economy, emphasizing that the sector’s significant transformation over the past few decades stands as a testament to the country’s achievements.
However, he revealed that despite its success, the banking sector is confronted with challenges that obstruct its growth and innovation, specifically citing regulatory hurdles and the burden of high compliance costs as major impediments.
“The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.
“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 the 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.
