The Chartered Institute of Bankers of Nigeria (CIBN) has emphasized the need for increased investment in education, infrastructure, and economic diversification to enhance the nation’s prosperity and stimulate Gross Domestic Product (GDP) growth.
The institute called on the government to facilitate trade and attract foreign direct investment, leveraging Nigeria’s large population to combat poverty and achieve sustainable development.
Prof. Pius Olanrewaju, President/Chairman of the CIBN Council, shared these insights during the 2024 hybrid Fellowship Investiture ceremony held in Victoria Island, Lagos. He pointed out the economic challenges posed by COVID-19, which resulted in recession, slow recovery, and rising inflation.
Olanrewaju noted that Nigeria has the potential to overcome these challenges by harnessing its population, rich mineral resources, and oil and gas reserves to achieve sustainable economic growth. He underscored the relevance of the event’s theme: “Maximising the Potentials of the Nigerian Economy: Policy Options, Challenges, and Prospects.”
He cited the success of countries like Singapore, Malaysia, Indonesia, and India, which navigated similar challenges through substantial investments in education, infrastructure, and economic diversification. “These nations prioritized education, infrastructural development, and diversification while fostering trade and attracting foreign investment, leading to significant positive outcomes,” he stated.
Olanrewaju further detailed how Nigeria could reduce poverty by adopting effective strategies similar to those of India and Indonesia, which lifted millions out of poverty. He congratulated the honorees, which included 15 Honorary Fellows, 421 Elected Fellows, and 209 Honorary Senior Members.
Gov. Abdullahi Sule of Nasarawa State, who participated virtually, expressed confidence in President Bola Tinubu’s commitment to addressing foreign exchange volatility but stressed the importance of collaboration with the banking sector. Sule supported CIBN’s recommendations, urging the institute to devise actionable programs to assist government initiatives, particularly in agriculture and mining.
“It is crucial for the banking sector and the government to work together,” he asserted.
Mr. Tokunbo Talabi, Secretary to the Ogun State Government and one of the inductees, noted that economic challenges can create opportunities for growth in Nigeria’s economy. He encouraged professional bankers to collaborate with the government and other stakeholders to foster economic development.
Guest speaker Prof. Adeola Adenikinju, President of the Nigerian Economic Society, highlighted the need for sustained political commitment to reforms and the implementation of inclusive policies. “We must develop and protect the middle class, as current government policies risk diminishing it, and a robust middle class is essential for economic growth and sustainability,” he remarked.
Adenikinju also urged CIBN to hold both the government and institutions accountable, advocating for coordinated efforts between the government, private sector, and international partners to fully capitalize on economic opportunities.
Speaking on behalf of the honorees, Mr. Moruf Oseni, Managing Director of Wema Bank, pledged the inductees’ commitment to policies that promote growth in partnership with the government. The honorees included Dr. Adeola Phillips, Chairman of the Board of Directors at Parallex Bank; Mr. Bolaji Lawal, Managing Director of Ecobank; Dr. Olasupo Olusi, Managing Director of the Bank of Industry; and Ms. Bunmi Lawson, Managing Director of EdFin Microfinance Bank Ltd. The event was chaired by Dr. Stella Okoli, Group Managing Director of Emzor Pharmaceutical Industries Ltd.
