September 11, (THEWILL) – The Chairman of UBA Group and Heirs Holdings, Mr. Tony Elumelu, has urged the Nigerian government to prioritise access to electricity, adequate security and youth entrepreneurship to achieve accelerated economic growth and build a future for the country.
Elumelu disclosed this in his keynote address at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking and Finance Conference with the theme: “Accelerated Economic Growth and Development: The State of Play and the Way Forward” held in Abuja, on Tuesday.
He emphasised that without reliable electricity, adequate security and productive youths, Nigeria’s industrial and social development would remain constrained, adding that addressing these key areas would not only fix the nation’s current economic crisis but also create a blueprint for continuous development.
He said, “Power is a fundamental resource that impacts every aspect of life – from hospitals to homes and businesses. Nigeria cannot industrialise and our youth cannot be educated without ensuring our abundant natural resources are translated into plentiful, robust power for all.
“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.
“We must incentivise our youths 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.”
Speaking on the banking sector, the billionaire businessman, while highlighting the several challenges impeding growth and innovation, described the transformation that occurred in the sector over the past few decades as one of its success stories.
However, to overcome the challenges in the sector, Elumelu called for constructive dialogue among stakeholders to ensure a collaborative environment.
“By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians,” he said.
The 2024 conference was attended by government officials, banking sector executives and other stakeholders in the industry.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
