The Chairman of the United Bank for Africa (UBA) Group, Tony Elumelu, emphasized the critical importance of reliable electricity and improved security for Nigeria’s industrial growth. He made this statement at the 17th Annual Banking and Finance Conference, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. The event was attended by several top officials, including Vice President Kashim Shettima and Central Bank Governor Olayemi Cardoso.
Elumelu remarked that “development is impossible without reliable access to electricity”, underscoring that Nigeria cannot achieve industrialization or provide adequate education to its youth without transforming its natural resources into reliable power for all.
His comments come amid Nigeria’s ongoing struggle with high inflation, a downturn in the manufacturing sector, and reliance on imports. Elumelu further urged stakeholders to view the current economic challenges as an opportunity to develop a sustainable and investor-friendly environment.
In addition to addressing the power crisis, Elumelu called on President Bola Tinubu to prioritize security, which he described as essential for tackling the country’s food scarcity and attracting investment. “Insecurity has become a national crisis, which must be dealt with decisively and urgently,” he stated. “Our people deserve to go to their farms unhindered, live peacefully, and conduct their lives and businesses without fear”.
At the same conference, UBA Group Managing Director Oliver Alawuba highlighted the pivotal role of leadership and vision in shaping Nigeria’s development. Alawuba commended Vice President Shettima and other key stakeholders for their commitment to advancing the banking sector and fostering economic growth. He also urged participants to translate the insights gained at the conference into actionable steps to drive innovation, collaboration, and progress in the financial industry.
Elumelu concluded his speech by reiterating that security and youth entrepreneurship are fundamental drivers of economic growth. He stressed the need for Nigeria to become a place where its young population can realize their dreams and create value within the country.
