WorldStage Newsonline– The Chartered Institute of Bankers of Nigeria (CIBN) has called on banking professionals and leaders to chart a course that will leverage the vast potential inherent in Nigeria’s economy.
The President/Chairman of Council, CIBN, Dr Ken Opara who made the call at the 2023 Fellowship Investiture of CIBN on Saturday in Lagos noted that in a rapidly changing world, the success of nations was often determined by their ability to harness their inherent strengths and overcome their challenges.
The event had the theme: “Harnessing Nigeria’s Economic Potential for Growth and Development: Strategic Imperatives,’’.
According to him, Nigeria, with its abundant human and natural resources, possesses incredible economic potential.
The CIBN president noted that inequality, in terms of income and opportunities, had remained high and had adversely affected poverty reduction.
“Lack of job opportunities is at the core of high poverty levels, regional inequality, and social and political unrest.
“High inflation has also taken a toll on household’s welfare, pushing more people into poverty.
“Given these numerous challenges, it is abundantly clear that our journey toward harnessing Nigeria’s economic potential for growth and development is marked by both promise and complexity.
“Addressing these challenges requires visionary leadership and collaborative efforts to transform adversity into opportunity.
“The path ahead demands resilience, creativity, and a commitment to shaping a brighter future for our country.
“Hence, it is incumbent upon us, as banking professionals and leaders, to chart a course that leverages the vast potential inherent in our nation’s economy.
“We must explore innovative strategies and approaches that will drive sustainable growth, foster development, and ultimately uplift the lives of all Nigerians,’’ Opara said.
He, however, said unlocking these potential required strategic imperatives that would go beyond mere recognition but deliberate action and innovative thinking.
He said, “According to data released by the World Bank, Nigeria remains Africa’s largest economy with $477.4 billion in Gross Domestic Product.
“While Nigeria has made some progress in socio-economic terms in recent years, its human capital development ranked only 150 out of 157 countries in the World Bank’s 2020 Human Capital Index.
“The country continues to face massive development challenges, including the need to reduce its dependence on oil for exports and revenues, diversify its foreign exchange sources, close the infrastructure gap, build strong and effective institutions, address governance issues, and strengthen public financial management systems.’’
Prof. Joseph Nnanna, the Chief Economist, Development Bank of Nigeria Plc, while speaking on the theme, said the multidimensional concept of growth and development encompasses far more than mere economic indicators.
“Nigeria’s overreliance on oil export has rendered its growth trajectory susceptible to endogenous and exogenous shocks in global oil prices, leading to economic instability.
“However, amidst these challenges lies a path forward, through strategic imperatives that can unlock Nigeria’s vast economic potential.
“Economic diversification emerges as a crucial avenue, leveraging the untapped potential of non-oil sectors to promote inclusive sustainable growth.
“Also, human capital development takes centre stage, acknowledging that education and health are at the core of economic growth.
“Lastly, infrastructure development stands as another cornerstone, underscoring the importance of building a modern and efficient infrastructure network,’’ Nnanna said.
These strategic imperatives, he said, were not standalone solutions and would need to be complemented with addressing policy implementation, resource allocation, corruption, and leadership.
“In doing so, Nigeria can move beyond the constraints of its past, harness the strength of its resources, and emerge as a beacon of inclusive growth and development on the African continent,’’ he stressed.
CIBN AWARDS
Meanwhile, the Group Managing Director/ Chief Executive Officer, United Bank for Africa, Mr Oliver Alawuba, has urged the banking industry to play a vital role in helping to revive the nation’s economy.
Alawuba gave the advice on the sidelines of the 2023 Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture on Saturday in Lagos.
Alawuba who was among the honorary fellowship awardees at the event noted that the banking sector has been playing a great role in the development of the economy.
“I would like to say that from time immemorial, the banking industry in Nigeria has played a greater role in the development of the economy of this country.
“And I think at a time like this when the economy is still being challenged, the banking industry can work with other stakeholders to ensure that this economy is revived for the benefit of all Nigerians.
“I believe that the banking industry has the expertise, commitment, and the wherewithal to ensure that the economy is reset for greater development.’’
Alawuba also said that Nigerian banks were at the forefront of the initiative of Africa Continental Free Trade Area (AfCFTA) for economic integration of the country.
“The banking industry is committed. If you know at the Afrexim AGM conference in Accra, two Nigerian banks signed agreements at that event for development of intra-african trade in Africa, and I know another Nigerian bank also signed such an agreement.
“So, Nigerian banks are in the forefront of the initiatives for intra-Africa trade in AfCFTA because we have the strength and we have the breadth.
“UBA for example is a Nigerian bank with presence in 20 African countries; and that alone will facilitate intra-African trade among those countries where we have presence,’’ he said.
Alawuba, however, said that the benefit of the conferment was to encourage professionals to do more for the banking industry and the country.
Earlier, the CIBN President/Chairman of Council, Dr Ken Opara, described the investiture as an annual event of the institute is conferred on deserving member.
“This is an annual event of the Institute, where the prestigious Fellowship status of the Institute is conferred on deserving members who have meritoriously distinguished themselves whilst making notable contributions to the success of the Institute, their respective organisations, the banking industry and the economy at large.
“In the same vein, deserving members are admitted into the Honorary Senior Membership cadre of the Institute,’’ Opara said.
He noted that it was the first time the institute was conferring a posthumous award on an individual.
He said, “The late Prof. Sunday Oladeji, being conferred with this posthumous award, was a very diligent and committed scholar who served meritoriously as an examiner of the Institute for 33 uninterrupted years.
“He passed on to glory on June 12, 2023, shortly after he was recommended by the Board of Fellows and Practice License for the conferment of the award.’’
Opara congratulated all the deserving awardees of the Institute’s Honorary Fellowship, the Elected Fellows and Honorary Senior Members, as well as their families on the noble accomplishment.
He advised them to continue to excel in their various fields of endeavour and continue to fly the CIBN flag in spheres of influence.
A total of 449 individuals were conferred awards at the event: 20 Honorary Fellows (including one Posthumous Award), 154 Elected Fellows and 275 Honorary Senior Members.
