Abdulwahab Isa 
…At CIBN, Elumelu, CIBN president, Cardoso point way forward to economic development
As part of the broader initiative to create Jobs for Nigerian youths in the digital space, President Bola Ahmed Tinubu on Tuesday said his administration is currently training 3 million Nigerians youths in digital technology and essential skills for onward deployment to innovation firms.
The effort the president said, was designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country.
He confirmed this in Abuja while declaring open, the 17th editions of the annual conference by the Chartered Institute of Bankers of Nigeria ( CIBN) themed:”accelerated economic growth and development: the state play and the way forward”.
Represented by the Vice -president, senator Kashim Shettima, the president restated his administration committed to achieving a 70% digital literacy level by 2027 through innovative approaches by delivering initiatives, continuous collaborations; stakeholder engagement, climate finance, and sustainable development.
“We are also prioritizing climate finance initiatives to mitigate the impact of climate change on our economy. Through the green bond Program and partnerships with international development agencies, we are mobilizing resources to fund projects that promote environmental sustainability and reduce Nigeria’s carbon footprint.
“The way forward requires collaboration across all sectors- government, private sector industry players and the civil society”.
“It is about creating jobs, reducing poverty, enhancing infrastructure, and ensuring every Nigerian can access the opportunities to thrive.
“The complexities of our economy are numerous- from the volatility of oil prices, which remain a crucial driver of our foreign exchange earnings, to the agony for diversification into other sectors such as agriculture, technology, and manufacturing.
“These realities all require concerted effort to recalibrate our economic strategies and make informed decisions that will propel Nigeria forward”, president Tinubu said.
In a key note speech by the Lead speaker , Chairman of UBA Group/ Founder, Heirs Holdings Group & The Tony Elumelu Foundation Chief Tony Elumelu , he said Nigeria requires collective efforts of all Nigerians to overcome her current obstacles to claim her real economic potential.
“It has been a tough year for Nigeria.Inflation has continued to surge, causing pain across our economy.Our country has been hit hard. As a nation, we import more than we export, and with a manufacturing sector struggling and the continued growth of our population, we require more than just short term “interventions”.
“We need a comprehensive strategy to support our vast and diverse population and unlock our potential”.
“Nigeria is rich in resources, natural and human. But, time and time again, we have failed to invest in our people and our value chain.
“And by value chain, I mean not just our oil & gas or manufacturing, I mean power, I mean schools, universities, our institutions. All those foundations that provide the ecosystem for a country to succeed.
“A country that does not address its basic infrastructure needs, is a country that cannot realise its potential, Heirs Holdings Founder said.
In his welcome address, CIBN President/ Chairman of the Council Prof. Pius Deji Olanrewaju recalled Council’s of the numerous impacts of council’s conference in the economy.
He said the CIBN conference was not just a forum for discussion but a platform for actionable outcomes. He listed some of the conference decisions implemented by the government as state’s policies.
“The Conference recommended lifting of the ban on the prohibited items. A month after delivering our Conference Communique to all the stakeholders, specifically on October 12, 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.
“It was also resolved at the last conference that more collaborations should be fostered with stakeholders on financial inclusion.
“I am glad to report that the Institute entered into collaborations with the following stakeholders among others:
African Guarantee Fund (AGF), a subsidiary of African Development Bank in the area financing for the Micro Small and Medium Enterprises”, CIBN President said amongst others.
While noting that Nigeria has not been able to utilize her given potential maximally, CIBN President
called for concerted efforts to realize the country’s economic potential.
” It’s no longer news that Nigeria is blessed with vast natural resources and favourable climate. However, it is very unfortunate, that we are yet to reap the full benefits of these resources.
“For example, according to the Food and Agriculture Organization (FAO) of the United Nations, Nigeria has an estimated total arable land of 34.2 million hectares (this is 42% of our total land area).
The estimated size of land used for farming is 23.1 million hectares (which is 67% of arable land). This means that about 11.1 million hectares (32% of arable land) remain uncultivated or unused for farming”, he noted.
In a remark by the Governor of the Central Bank, Mr Olayemi Cardoso tasked members of CIBN and bankers to see themselves as critical stakeholders in Nigeria’s economic development.
Cardoso said: “At such an interesting time in our history, it’s always good to get the best heads in the house to gather together to look at where we are, and how we can move forward from here. And we all know as bankers that we are critical stakeholders in Nigeria’s development and by extension that of Africa.
“We are not just critical stakeholders, but also more of a driver of inclusive growth and because of that our decisions and actions have significant consequences on the lives of millions of Nigerians and indeed Africans”, he said.
