Tony Elumelu, chairman of the United Bank for Africa (UBA), has emphasised that Nigeria’s economic growth requires more than just short-term interventions.
Gatekeepers News reports that Elumelu, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 17th annual banking and finance conference in Abuja, said: “Our country has been hit hard. As a nation, we import more than we export, and with a manufacturing sector struggling and the continued growth of our population, we require more than just short-term interventions.”
He stressed the need for a comprehensive strategy to support Nigeria’s diverse population and unlock its potential. Elumelu highlighted the importance of investing in human capital, infrastructure, and value chains to create a thriving environment.
To address key challenges, Elumelu identified access to electricity, security, and youth entrepreneurship as crucial strategies for growth. He emphasised that development is impossible without reliable access to electricity and that security is a national crisis that must be dealt with decisively.
Oliver Alawuba, UBA’s group managing director and CEO, also called for collaboration to drive progress in the country. He encouraged participants to “transform learnings to actions” and build a financial sector that powers Nigeria’s economy.
