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ABUJA: United Bank for Africa (UBA) Chairman, Tony Elumelu, has called on President Bola Tinubu to make security a top priority to address the ongoing food scarcity and boost investment in Nigeria. Speaking at the Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Elumelu emphasized the critical link between security and economic stability.
“To protect our people, feed them, attract investment, and foster trade, we must prioritize security. Insecurity has become a national crisis, which must be dealt with decisively and urgently,” Elumelu stated. He highlighted the importance of ensuring that Nigerians can farm, live, and conduct business without fear, calling it a fundamental right for all citizens.
**Banking Sector: A Cornerstone of Nigeria’s Economy**
Elumelu also shed light on the crucial role of the banking sector in Nigeria’s economy, describing it as a key success story over the past few decades. “The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders,” he said. However, he pointed out the regulatory challenges and high compliance costs that hinder growth and innovation in the sector.
To address these issues, Elumelu called for collaboration between government agencies, regulatory bodies, and financial institutions. “By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians,” he added.
**President Tinubu’s Vision for Capacity Building and Youth Empowerment**
In a message delivered by Vice President Kashim Shettima, President Tinubu urged the business and banking communities to focus on capacity building, talent development, and youth empowerment as key drivers of Nigeria’s economic progress. Tinubu emphasized that his administration is committed to increasing digital literacy and equipping Nigerian youths with the skills needed to thrive in a rapidly evolving economy.
“We are committed to achieving a 70 percent digital literacy level by 2027 through collaboration and innovation,” the president said. He outlined plans to train 3 million Nigerian youths in digital technology and essential skills, deploying them to innovation firms across the country.
**Policies to Tackle Inflation and Improve Infrastructure**
Addressing inflation concerns, President Tinubu assured that his administration’s policies are aimed at stabilizing the economy. “Our focus is on strengthening infrastructure development. We are reducing transportation costs and improving market access by investing in infrastructure that supports economic growth,” he said, noting efforts to reduce inflation and stabilize the foreign exchange market.
Minister of Finance, Mr. Wale Edun, further outlined plans to reduce transportation costs by increasing the supply of Premium Motor Spirit (PMS) through the Dangote refinery and promoting biofuel buses and compressed natural gas (CNG) conversion kits. He acknowledged the challenges posed by rising food prices, though the consumer price index showed a slight decrease from 34 percent in June to 33 percent in July.
**CBN on Financial Inclusion and Economic Growth**
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, also emphasized the critical role of bankers in driving inclusive growth. Represented by Dr. Braise Ijebor, Cardoso praised the growth of financial inclusion in Nigeria, which increased from 56% in 2020 to 64% in 2023, driven by improved banking access and advancements in mobile money services.
