UBA Boss Harps on Economic Diversification

Related stories

“Nigeria’s challenges not about the constitution, but its operators”, says Obasanjo

By Yanju Uwala A former Nigerian President and military Head...

Nigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025

By Abiola Olawale In a major achievement for Africa’s largest...

Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate Senator

By Abiola Olawale President of the Senate, Senator Godswill Akpabio...

The Executive Director, Treasury and International Banking, United Bank for Africa Plc (UBA),Femi Olaloku, has called on federal and state governments to diversify the productive base and foreign exchange earnings of the Nigerian economy in order to overcome the challenges brought about by dwindling revenues from crude oil sales.

Olaloku made the call while speaking as one of the panel discussants at the Bloomberg/Nigerian Stock Exchange CEO Roundtable on the banking and oil industry, held in Lagos recently.

“Dwindling oil prices around the globe poses serious challenges to a developing economy like Nigeria, hence the need for government to also consider various diversification options,” he said.United Bank for Africa Plc

Read also: Nigeria’s Foreign Reserves Dip By $673.13m

Further devaluation of the naira was imminent, he predicted, saying that this will make the importation of goods into the country more expensive, encourage local manufacturing and inflow of foreign capital.
He assured that Nigerian banks had been strengthened over the last few years and are now well positioned to fund new opportunities that the country may wish to explore as a result of dwindling oil prices.

“We have a banking system that is today a lot stronger than what it was 10 years ago. Whether in power infrastructure, or in the agriculture, Nigerian banks have been able to meet the growing demand for funding.”

The United Bank for Africa Plc, CEO, however advised that the country needs to leverage on the successful political change of power, and the resulting increased foreign interest in Nigeria to drive economic growth.

While expressing optimism on the growth opportunities available in the Nigerian economy, a statement quoted him to have also stressed the need for the right policies and measures be put in place, to fully tap the increased potential of the Nigerian economy.

Read  also: Oil Price Crisis: Nigeria, Angola, Venezuela, 5 Others Worst Hit

Earlier in his welcome remarks, the CEO, Nigerian Stock Exchange (NSE),Oscar Onyema, said it was important for banks to evolve strategies to boost the nation’s GDP.

“Nigerian banks will have to fashion out strategies to assist the country to wade through the various challenges that the dwindling oil fortunes present to the country,” he added.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Elderstatesman, Emeka Anyaoku, Speaks Again , Urges Nigeria to Adopt a "People’s Democratic Constitution""Nigeria's challenges not about the constitution, but its operators", says ObasanjoNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in CourtOgun PDP Knocks Dapo Abiodun, Backs Striking Workers: "Strike Action is lawful, a response to Abuse"[Full Letter] Atiku Abubakar Quits PDP, Signals Major Political Shift Ahead of 2027 ElectionsNational Grid Crisis: Six Universities, MTN, NDA, 16 Others Exit Grid, Resort to Own Power GenerationOgun PDP Knocks Dapo Abiodun, Backs Striking Workers: "Strike Action is lawful, a response to Abuse"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in CourtOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025"Nigeria's challenges not about the constitution, but its operators", says Obasanjo
X whatsapp