The Group Chairman, United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation (TEF), Tony Elumelu, joined other financial sector leaders, government officials, and global stakeholders at the 17th Annual Banking & Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) to discuss strategies on Nigeria’s economic development.
The event, themed “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” brought together other top dignitaries, led by Nigeria’s Vice President, Senator Kashim Shettima.
While delivering the keynote address, Elumelu, who is also Chairman of Heirs Holdings, called for immediate action on critical areas to accelerate Nigeria’s economic growth while acknowledging Nigeria’s economic challenges, particularly rising inflation, underdeveloped infrastructure, and reliance on imports.
He took time to emphasise the need for a comprehensive strategy focusing on the three critical areas of Access to Power, Security and Youth Entrepreneurship these being required to galvanise the country’s economy while also highlighting Nigeria’s abundant resources and the urgency of investing in its people and infrastructure.
“Development is impossible without reliable access to electricity; our people deserve to go to their farms unhindered, live peacefully, and conduct their businesses without fear; we must incentivise our youth to drive economic growth,” Elumelu stated, adding that the creation of an environment where young Nigerians can realise their dreams at home and contribute to national development cannot be overemphasized.
Referencing the success story of the banking sector in Nigeria, and how the winning strategies of the sector can be replicated across other sectors of the economy, he said, “the success of the Nigerian banking sector is felt beyond Nigeria, and in doing so, they have changed how our country is perceived, created pathways to opportunity and set themselves up as role models for our other industries.”
Elumelu spotlighted the contributions of UBA Group, Heirs Holdings Group, and The Tony Elumelu Foundation in driving economic transformation across Africa through innovative financial services, investments in power, entrepreneurship and meaningful collaborations urging stakeholders to collaborate and take strategic steps towards building a prosperous Nigeria and Africa as a whole.
In his submission, Vice President Kashim Shettima, who commended Elumelu’s address, said, “Tony Elumelu is a change maker. There’s a difference between a rich man and a wealthy man. A wealthy man creates opportunities,” just as he reiterated government’s commitment to fostering an environment conducive to economic growth, praising the role of private sector leaders like Elumelu in driving progress.
The Chairman of the Governing Council of CIBN, Professor Pius Deji Olanrewaju, also emphasized the importance of collaboration between the public and private sectors to achieve sustainable economic development, stating: “This conference showcases the collective efforts of all stakeholders, and it is a testament to the power of partnerships in building a resilient financial sector that supports Nigeria’s long-term goals.”
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who is also the Chairman of the CIBN Body of Banks’ CEOs, commended Tony Elumelu for his inspiring address and took time to acknowledge participants for their contributions toward the success of the conference. He reaffirmed the banking sector’s commitment to driving national development through innovation and collaboration.
