The Chartered Institute of Bankers of Nigeria (CIBN) has called for more investment in education, infrastructure and economic diversification to boost the nation’s prosperity and drive Gross Domestic Product (GDP) growth.
The institute also urged the government to facilitate trade and attract foreign direct investment, leveraging Nigeria’s large population to reduce poverty and achieve sustainable development.
Pius Olanrewaju, the president of council, CIBN, gave the advice on Saturday during the 2024 hybrid fellowship investiture ceremony of the institute convened in Victoria Island, Lagos.
Mr Olanrewaju highlighted the economic challenges brought on by COVID-19, which led to a recession, slow recovery and rising inflation.
He explained that Nigeria has the potential to overcome these hurdles by capitalising on its population, abundant mineral resources and oil and gas reserves to unlock sustainable economic growth.
Mr Olanrewaju said the event theme: “Maximising the Potentials of the Nigeria Economy: Policy Options, Challenges and Prospects” was apt.
He pointed to the success of countries like Singapore, Malaysia, Indonesia, and India, which overcame similar challenges through investments in education, infrastructure and economic diversification.
“These countries invested heavily in education, infrastructural development and economic diversification.
“They also facilitated trade, encouraged foreign direct investment and the overall effect of these individual policies paid off,” he said.
Mr Olarenwaju explained how Nigeria could reduce poverty by implementing effective strategies like those in India and Indonesia.
Also, Governor Abdullahi Sule of Nasarawa State joined the event virtually and expressed confidence in President Bola Tinubu’s commitment to resolving foreign exchange volatility but emphasised the need for collaboration with the banking sector.
Mr Sule backed CIBN’s suggestions, urging the institute to develop actionable programmes to support the government’s efforts, particularly in agriculture and mining.
He said his administration had continued to focus on these two sectors and others.
“It is very important that the banking industry and the government come together,” he said.
Tokunbo Talabi, Secretary to the Ogun State Government, highlighted how economic challenges present opportunities for growth in Nigeria’s economy.
He encouraged professional bankers to partner with the government and other stakeholders to drive economic growth.
(NAN)
