UBA Boss Harps on Economic Diversification

Related stories

Iran’s Oil Exports Soar as Israel Attack Prompts Cargo Clearout

Iran’s oil exports have jumped since the nation came...

Thai PM faces calls to quit after leaked phone call

Thai Prime Minister Paetongtarn Shinawatra's coalition government is on...

Why Forecasters Can’t Agree On When Oil Demand Will Peak

Oil demand is proving more resilient than expected,...

Mambilla Power Project: Agunloye Cries Out, Says EFCC Out To Damage my Name

By Kolawole Ojebisi A former Minister of Power and Steel,...

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

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Iran’s Oil Exports Soar as Israel Attack Prompts Cargo ClearoutThai PM faces calls to quit after leaked phone callMatawalle, Yari, Others Borrowed Money to Steal in Zamfara, Says Gov LawalWhy Forecasters Can’t Agree On When Oil Demand Will PeakMambilla Power Project: Agunloye Cries Out, Says EFCC Out To Damage my NameIsrael-Iran War: FG Reiterates Moves to Evacuate Trapped NigeriansRivers N1.48trn Budget: We'll Monitor Your Spendings, Senate Warns IbasJoy As Netherlands Returns 119 Looted Benin BronzesLet's Nurture Collaborative Spirit To End Economic Dependence On Western Nations, Tuggar Urges ECOWAS MembersDrama As Senate Rejects NNPC Account Statements, Probes Alleged ‘N210trn FraudFCCPC Seals up France, Belgium, Italy Visa Centres in AbujaBen Murray-Bruce Warns: World War III Looms As Global Powers Fight Over TerritoryLagos CP Explains Why Adefarasin's Stun Gun Is illegalN1.48bn Budget Defence: Rivers Administrator, Ibas Arrives SenateUS Reopens Student Visa Applications for International Students
X whatsapp