Keynote Speech Delivered by Tony O. Elumelu, CFR, Chairman: UBA Group, Transcorp Group, Chairman & Founder, Heirs Holdings Group & The Tony Elumelu Foundation at the CIBN 17th Annual Banking & Finance Conference
Theme: Accelerated Economic Growth and Development: The State of Play and the Way Forward, Transcorp Hilton Abuja, Abuja – FCT, Tuesday, September 10, 2024.
OPENING REMARKS
Good morning Your Excellency, Vice President of Nigeria, H.E. Senator Kashim Shettima, GCON.
H.E. Vice President of Liberia, Honorable Jeremiah Kpan Koung.
Honourable Ministers present here.
The Governor of the Central Bank of Nigeria.
The Chairman of the Governing Council of the CIBN, Professor Pius Deji Olanrewaju.
The Chairman of the Conference Consultative Committee and the Group Managing Director of the United Bank for Africa (UBA), Mr. Oliver Alawuba.
My professional colleagues present here.
It is a great honour and my pleasure to be here with you today.
INTRODUCTION
It has been a tough year for Nigeria. Inflation has continued to surge, causing pain across our economy. 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”.
We need a comprehensive strategy to support our vast and diverse population and unlock our potential. Nigeria is rich in resources, natural and human. But, time and time again, we have failed to invest in our people and our value chain. And by value chain, I mean not just our oil & gas or manufacturing, I mean power, I mean schools, universities, our institutions. All those foundations that provide the ecosystem for a country to succeed. A country that does not address its basic infrastructure needs, is a country that cannot realise its potential.
At this time of uncertainty, we all – citizens and government – must transform this crisis into an opportunity—a blueprint for creating a thriving, people and investor-friendly environment. I talk of Africapitalism, the importance of the private sector driving economic change, but delivering it in a way that is just and equitable – but we cannot do good and do well when our people who strive cannot thrive.
MY ADDRESS
The theme of my keynote is “Accelerated Economic Growth and Development: The State of Play and the Way Forward.” I will approach it by emphasizing the key areas that will shape Nigeria’s economic future. Key challenges we must address, to fix not just our current crisis, but to permanently alter our country’s destiny. My strategy is centered on three critical areas:
Access to Electricity:
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.
Security:
To protect our people, feed them, attract investment, and foster trade, we must prioritise security. Insecurity has become a national crisis, which must be dealt with decisively and urgently. 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.
Youth Entrepreneurship:
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.
The Nigerian Banking Sector:
Our banking sector is a cornerstone of Nigeria’s economy. The transformation of our banking sector over the last few decades, is one of our success stories. The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.
However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs. To overcome these challenges, stakeholders—including government agencies, regulatory bodies, and banking institutions—must engage in constructive dialogue to foster a collaborative environment.
By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians. The success of Nigerian banking sector is felt beyond Nigeria. Nigerian banks have become multinationals, leading the sector across Africa, establishing themselves in the world’s financial capitals – 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.
CONCLUSION:
Achieving economic growth requires the collective efforts of all Nigerians.
Our Group’s Impact:
I have talked in abstract, but I wanted to show how we have turned our words into actions.
We make our contribution in business, in philanthropy and in advocacy:
UBA Group:
The United Bank for Africa Group serves 45 million customers across 20 African countries, as well as UK, US, France, and the UAE. UBA Group is not just a bank; it empowers businesses, creates jobs, and facilitates regional and continental trade, contributing to our nation’s development.
Heirs Holdings Group:
Through Heirs Holdings Group, our investments are creating shared prosperity for all stakeholders. We are tackling Nigeria’s most critical challenges—power and energy sufficiency through our integrated energy strategy, health and wellness, access to financial security, and more. We call this #HH Impact.
The Tony Elumelu Foundation:
At the Tony Elumelu Foundation, we are nurturing a generation of young, empowered African entrepreneurs who are transforming their communities and industries. We leverage our platforms for advocacy, spreading our message of Africapitalism. We have seen the results – in the partnerships we have forged, the optimism we leave in our messages, and the millions of lives impacted by both our business and philanthropic activities.
But there is more to be done. These advocacy platforms are crucial for rallying all stakeholders to collaborate in building the Nigeria—and Africa—we envision. Our legacy as a generation must be defined by our collective actions, not just our words or complaints. We must demonstrate that we took meaningful steps toward real change.
Thank you to the CIBN for this platform and opportunity.
Follow the conversation on my social media pages: LinkedIn, Facebook, Twitter, Instagram & Blog
Thank you.