More investment in infrastructure, education, and economic diversification is needed to increase the country’s prosperity and propel GDP development, according to the Chartered Institute of Bankers of Nigeria (CIBN). The CIBN also emphasizes the importance of improving governance and reducing corruption to create a more conducive environment for economic growth. Additionally, they suggest fostering innovation and entrepreneurship to drive sustainable development in Nigeria.
The institute also advised the government to use Nigeria’s enormous population to promote trade and draw in foreign direct investment in order to combat poverty and promote sustainable development.
At the 2024 hybrid fellowship investiture event held on Victoria Island in Lagos on Saturday, Pius Olanrewaju, the council president of CIBN, offered the counsel.
Mr. Olanrewaju emphasized the COVID-19-related economic difficulties that resulted in a recession, a sluggish recovery, and an increase in inflation.
He clarified that by leveraging its population, wealth of mineral resources, and oil and gas reserves, Nigeria can surmount these obstacles and achieve sustainable economic growth.
The event’s theme, “Maximising the Potentials of the Nigeria Economy: Policy Options, Challenges, and Prospects,” was appropriate, according to Mr. Olanrewaju.
He cited the achievements of nations like India, Malaysia, Singapore, and Indonesia, who surmounted comparable obstacles by making investments in infrastructure, education, and economic diversification.
These nations made significant investments in economic diversification, infrastructure development, and education.
Additionally, they promoted foreign direct investment and eased trade, and the sum of these separate measures paid off, he said.
Mr. Olarenwaju described how Nigeria may lower poverty by adopting successful policies similar to those in Indonesia and India.
Additionally, Nasarawa State Governor Abdullahi Sule participated remotely in the event and emphasized the importance of working with the banking industry while expressing faith in President Bola Tinubu’s resolve to address foreign exchange volatility.
Mr. Sule supported the recommendations made by CIBN and urged the organization to create programs that may be put into practice to help the government’s initiatives, especially in the fields of mining and agriculture.
According to him, his administration has persisted in concentrating on these two areas as well as others.
Collaboration between the government and the banking sector is crucial,” he stated.
Ogun State Government Secretary Tokunbo Talabi emphasized how Nigeria’s economic challenges offer chances for expansion.
In order to promote economic progress, he urged professional bankers to collaborate with the government and other interested parties.
He also highlighted the importance of leveraging technology and innovation in these sectors to drive sustainable growth and development. Talabi stressed the need for continuous dialogue and partnership between all stakeholders to achieve meaningful results in Nigeria’s economic landscape.
