From Adanna Nnamani, Abuja
Chairman of the United Bank for Africa (UBA) Group, Mr Tony Elumelu, has called for a strategic overhaul to address Nigeria’s economic challenges, emphasising that short-term measures alone are insufficient.
Speaking at the 17th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Consultative Committee in Abuja yesterday, Elumelu emphasised the need for a robust and long-term strategy.
According to Elumelu, Nigeria’s economic issues, including rampant inflation and a struggling manufacturing sector, compounded by a rapidly growing population, require more than immediate fixes. “It has been a tough year for Nigeria,” he noted, reflecting on the current economic landscape.
He highlighted the country’s heavy dependence on imports rather than fostering a vibrant export sector. He pointed out that for Nigeria to overcome its economic hurdles, substantial investments are needed in fundamental sectors such as power, education, and institutional development. “Nigeria is blessed with both natural and human resources,” he said. “Yet, we have consistently failed to invest adequately in these resources and the essential value chains that support them.”
He elaborated on the importance of investing in various sectors beyond just oil and gas or manufacturing, emphasizing the need for improvements in power infrastructure, educational institutions, and other critical areas. “A nation that does not address its basic infrastructure needs cannot realize its full potential,” Elumelu stated. “It’s imperative that we invest in these foundational elements to create a thriving economic environment.”
Elumelu urged both the government and citizens to seize the current crisis as an opportunity to lay the groundwork for a more resilient and inclusive economy. “We must transform this period of uncertainty into a blueprint for creating an environment that is both people and investor-friendly,” he said.
He also reiterated his advocacy for Africapitalism, which promotes the role of the private sector in driving economic development in a fair and inclusive manner. “We must ensure that our people who strive to succeed are not left behind,” Elumelu emphasized. “Only by addressing these core issues and investing in our infrastructure and people can we hope to build a prosperous and sustainable future for Nigeria.”
