Chairman of UBA Group, Mr. Tony Elumelu, has emphasised that for Nigeria to achieve accelerated economic growth, the country must focus on addressing key fundamentals such as access to electricity, security, and youth entrepreneurship.
Speaking during his keynote address at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking and Finance Conference, themed “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Elumelu highlighted these areas as critical to solving Nigeria’s current economic challenges and fostering sustainable development.
He stressed that adequate power supply is crucial for all sectors of the economy, stating, “power is a fundamental resource, that impacts every aspect of life—from hospitals to homes and businesses. • Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all.”
On security, Elumelu noted that instability is hindering progress and called for urgent solutions: “To protect our people, feed them, attract investment, and foster trade, we must prioritise security. 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.”
Focusing on the importance of youth empowerment, Elumelu advocated for creating a conducive environment for young entrepreneurs to thrive. He warned that without opportunities at home, Nigeria risks losing its brightest talents to other countries, causing a brain drain.
On the banking sector, while acknowledging the challenges faced by the industry, Elumelu commended the progress made over the years. He called for continued collaboration among stakeholders to build a resilient banking system that supports economic growth and the aspirations of Nigerians.
The 2024 conference gathered key stakeholders, including government officials and banking executives, to discuss pathways for fostering economic development in Nigeria.