Tony Elumelu Highlights How To End Nigeria’s Economic Challenges
Africa’s business leader, Tony Onyemaechi Elumelu has said that getting Nigeria out of its current economic situation requires more than just short-term “interventions”.
The chairman of United Bank for Africa -Africa’s Global Bank – and Heirs Holdings Group disclosed this while delivering his keynote at the 17th Annual Banking & Finance Conference of Chartered Institute of Bankers of Nigeria (CIBN) on Tuesday, September 10, 2024, at the Transcorp Hilton Abuja.
With “Accelerated Economic Growth and Development: The State of Play and the Way Forward.” as the theme of his address, Elumelu 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”.
The serial investor who has his hands in numerous sectors of the nation’s economy which includes: power, Energy, hospitality, Healthcare, Oil and Gas, banking, and properties submitted that “access to electricity, security, and youth entrepreneurship” are the key areas that guarantee a robust economic future for Nigeria.”
Maintaining the country cannot have meaningful development without access to electricity, the extraordinary businessman pointed out: “Development is impossible without reliable access to electricity. 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. A power ecosystem that encourages investment and unlocks our economy. To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone.”
On security, Elumelu, who dubbed current insecurity situation as a national crisis, said “To protect our people, feed them, attract investment, and foster trade, we must prioritise security.”
“Our people deserve to go to their farms unhindered, live peacefully and conduct their lives and businesses without fear; it is the fundamental right of every citizen,” Mr. Elumelu who suggested “decisively and urgently” action further stated.
Speaking on Youth Entrepreneurship, the philanthropist founder of Tony Elumelu Foundation with a record of empowering thousands of young entrepreneurs across the continent of Africa said if we truly desire to take the country out of the woods we must provide the youth population with needed incentives that will in turn make them embrace the challenge of driving economic growth.
His words “We must incentivise our youth to embrace the challenge of driving economic growth.”
“We face a choice, either we offer our young a future where opportunity is outside Nigeria, forcing our best and brightest to leave, to undertake perilous journeys, that split families and destroy lives – or we create a Nigeria, where value and wealth creation can take place at home, where our young can realise their dreams in Nigeria, for Nigeria.”
“By supporting their businesses and creating an enabling environment, we can empower SMEs to catalyse our progress during these transformative times.”
Acknowledging the impact of the nation’s banking sector vis-a-vis growth of the country, the Chairman of UBA Group said the sector that boasts of providing millions of jobs, crucial financial support to numerous businesses as well as generating income for millions of shareholders remains the cornerstone of Nigeria’s economy.
Elumelu who noted the banking sector is not devoid of challenges “that impede its growth and innovation, including regulatory and high compliance costs” said: “To overcome these challenges, stakeholders —including government agencies, regulatory bodies, and banking institutions—must engage in constructive dialogue to foster a collaborative environment.”
