- According to Elumelu, achieving economic growth in Nigeria requires collective effort from not just the government but private individuals as well.
Tony Elumelu, UBA chairman, says Nigeria’s economic growth demands more than short term solutions.
Elumelu spoke at the CIBN’s 17th annual banking and finance conference in Abuja, themed ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward’.
He noted that 2024 has been challenging for Nigeria, with persistent inflation causing widespread economic hardship.
Elumelu stressed that achieving economic growth requires a collective effort from both the government and private individuals.
“Our country is facing significant challenges. We import more than we export, and our manufacturing sector is struggling. We need a comprehensive strategy to support our diverse population and unlock our potential,” he said.
“We require investments in our people, institutions, and value chain, including power, education, and infrastructure. A country that neglects its basic infrastructure cannot reach its full potential.”
Elumelu proposed access to power, security, and entrepreneurship as key strategies for growth.
“To address our challenges, we must prioritize reliable access to electricity, security, and youth entrepreneurship. Development is impossible without power, and Nigeria cannot industrialize without robust power for all.”
He emphasized the need for a power ecosystem that encourages investment and unlocks the economy.
“Security is also crucial to protect our people, attract investment, and foster trade. Insecurity has become a national crisis that must be addressed decisively and urgently.”
Elumelu encouraged supporting youth entrepreneurship by creating an enabling environment for SMEs to drive economic growth.
Oliver Alawuba, UBA’s GMD and CEO, called for collaboration to drive progress, urging participants to “transform learnings to actions” and build a financial sector that powers Nigeria’s economy.