Nigeria’s path to economic stability requires a fresh and strategic approach, one that leverages both internal resources and the collective wisdom of its key stakeholders.
As the country navigates a period of economic uncertainty, there is a growing consensus that sustainable solutions must be rooted in homegrown initiatives designed to address local challenges.
The need for collaborative efforts between the government, private sector, and financial institutions is now more critical than ever, with institutions like Access Bank stepping up to lead the charge in shaping Nigeria’s economic future.
Access Bank’s Corporate Customer Forum 2024, themed ‘Nigeria’s Economic Rebirth: Hopes and Implications,’ serves as a vital platform for this dialogue. Held on September 19 in Lagos, the event brought together the nation’s foremost policymakers, industry leaders, and economic experts to discuss Nigeria’s financial trajectory and develop strategies for revitalizing the economy. At the heart of discussions were the pressing economic hurdles the nation faces and the practical, forward-thinking solutions necessary to overcome them.
In his address at the Access Bank 2nd Corporate Forum, the bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna spoke to Access Bank’s commitment to partnering with both public and private sector economic actors to create a desired prosperous future for Nigeria. He explained that the 2024 edition of the forum represents another attempt by the bank to spearhead initiatives that stir up insightful and solution-driven conversations since the start of the current political administration in May 2023.
Ogbonna further revealed the economic challenges bedeviling the nation are not peculiar to the nation as many emerging markets as well as global markets are facing significant challenges, hence the need to combat the strong economic headwinds hampering growth and progress.
His words, “This year, the focus is on building a collective pathway towards determining Nigeria’s economic rebirth and revitalisation. We’re participating in making this conversation a reality. We’re very proud most especially of the work that we do with both governments at the national and sub-national level.
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“A clear example of this was our participation in the unique and very successful first-time issue of a local diaspora bond Access Bank had a significant role in making that a reality and we are very proud of this. Our commitment remains to continue to make an impact in the lives of the markets and the communities to serve and that is not going to change. This is yet another platform giving us the opportunity to have a real conversation on how we can make a difference in the business community in Nigeria and hopefully, when we get it right, the economy will be better for it.”
While speaking as the Lead speaker at the forum, the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the need for key players within the nation’s economy to constantly reach for global, world-class standards as they drive the economy to higher growth trajectories. He also highlighted the efforts of the President Bola Tinubu-led administration in strengthening Nigeria’s economic outlook, adding that hope is on the horizon as the economic recovery efforts of the Federal Government, under the Accelerated Stabilisation & Advancement Plan (ASAP) are yielding results as expected.
“President Bola Ahmed Tinubu had always committed to making sure that as much as possible the poor and the vulnerable are not left to their own devices. In the last 17 months or so, I think the reforms from the evidence, from the data, from the details that we have available to us, the reforms are yielding fruit. The economy is beginning to turn the corner. And I think we all are witnesses to improved macroeconomic stability.” he said.
During his insightful presentation as Co-Lead Speaker at the forum, renowned economist and the Managing Director of Financial Derivatives Company, Bismarck Rewane, spoke to Economic Projections for 2026 and the implications on the nation’s economy, adding that tough decisions have to be in the present to forestall the occurrence of a total economic breakdown in the near future, and Access Bank is fostering an atmosphere that stimulates the ideas that drive such decisions.
“2026 looks very far away, but it’s not. It’s like yesterday. Some hard decisions have to be made in 2024 as we go to the World Bank meetings, meet with our creditors, raise money both from domestic and international resources and encourage our investors. By 2025, or the end of 2024, many of the variables that are currently out of equilibrium will be in equilibrium, and the vested interest in Nigeria will know that it’s all in the national interest and all interests will be aligned” he said.
As he emphasized the need for resource optimisation and transparency across all sectors of the economy, the Chairman, Presidential Committee on Fiscal Policy & Tax Reforms, Taiwo Oyedele, also underscored the importance of effective taxation to ensure that the poor are not being taxed beyond their means. He stated “Whether you’re a politician, a business person, in the private sector, or the public sector, we should budget better, including restructuring our budgets and spending better, including being transparent, honest, and efficient with our spending. We should manage better, including reporting better. Nigeria is not where we need to be. But we can make the Nigeria of our dream possible”
Access Bank has consistently led efforts to foster economic growth in Nigeria through strategic initiatives that emphasize financial inclusion, sustainable development, and innovation. One notable effort is the creation of the Development Banking Desk, which focuses on providing tailored financial support to NGOs, multilateral institutions, and other organisations working on impactful social and economic projects.
Additionally, the bank has played a pivotal role in supporting SMEs and facilitating capacity-building programs, such as partnerships for women empowerment and digital transformation efforts, positioning itself as a leader in driving both financial and societal progress. The 2024 Corporate Customer Forum further builds on these initiatives, reaffirming Access Bank’s commitment to shaping Nigeria’s economic future.
