Tony Elumelu, the chairman of Heirs Holdings and the United Bank of Africa, has said that Nigeria’s economic growth requires more than temporary solutions, News About Nigeria reports.
The UBA chairman said this at Chartered Institute of Bankers of Nigeria’s (CIBN) 17th annual banking and finance conference in Abuja.
The event was themed ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward’.
Elumelu said that 2024 has been challenging for Nigerians, with persistent inflation causing widespread economic hardship.
He added that achieving national 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.
“To address our challenges, we must prioritise reliable access to electricity, security, and youth entrepreneurship. Development is impossible without power, and Nigeria cannot industrialise without robust power for all.
“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, group managing director (GMD) and chief executive officer (CEO) of UBA, called for collaboration to drive progress in the country.
“Our collective future depends on the steps we take today to innovate, collaborate, and drive progress,” Alawuba said.
“Let us not merely leave this conference inspired but let us leave it determined to execute.”
