Chairman of United Bank for Africa (UBA), Mr. Tony Elumelu, has urged President Bola Tinubu to prioritize security measures to address the current food scarcity and attract investment into Nigeria. Speaking at the Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Elumelu emphasized the need to tackle insecurity, which he described as a national crisis. He asserted that effective security measures are essential for protecting farmers, fostering peace, and enabling businesses to operate without fear.
BANKING SECTOR CHALLENGES AND OPPORTUNITIES
Elumelu also discussed the banking sector, highlighting its role as a cornerstone of Nigeria’s economy. He praised the sector’s transformation over the past decades but noted challenges such as regulatory and compliance costs. He called for constructive dialogue among stakeholders to overcome these challenges and build a more resilient banking sector that supports economic growth.
TINUBU’S FOCUS ON CAPACITY BUILDING AND YOUTH EMPOWERMENT
In his message to the conference, President Bola Tinubu, represented by Vice President Kashim Shettima, emphasized the importance of capacity building, talent development, and youth empowerment for Nigeria’s economic growth. Tinubu highlighted the federal government’s initiative to train three million Nigerian youths in digital technology and essential skills, with a target of achieving 70% digital literacy by 2027. He stressed that these efforts are crucial for the nation’s progress and economic prosperity.
POLICIES TO REDUCE INFLATION AND IMPROVE INFRASTRUCTURE
President Tinubu outlined his administration’s policies to restore economic confidence, reduce inflation, and stabilize the foreign exchange market. He emphasized investments in infrastructure to lower transportation costs and improve market access. The President also noted progress in financial inclusion, with formal financial access rising from 56% in 2020 to 64% in 2023.
EDUN ON REDUCING TRANSPORTATION COSTS AND FOOD INFLATION
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured that the government would address transportation costs by increasing the supply of premium motor spirit (PMS) through the Dangote refinery and focusing on biofuel buses and compressed natural gas (CNG) conversion kits. He acknowledged the challenge of food inflation but noted a slight easing in the consumer price index.
CBN GOVERNOR ON THE ROLE OF BANKERS IN INCLUSIVE GROWTH
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, represented by Dr. Braise Ijebor, emphasized the critical role of bankers in driving inclusive growth. He highlighted the significant impact of bankers’ decisions on the lives of Nigerians and Africans.