CIBN charges bankers in unlocking inherent potentials of Nigeria’s economy

Temitope Adebayo

The President/Chairman of Council,

the Chartered Institute of Bankers of Nigeria CIBN, Dr Ken Opara has changed

banking professionals and leaders in unlocking the inherent potentials of Nigeria’s economy.

Opara said this at the 2023 CIBN Fellowship Investiture held at Queen’s Park Event Centre, Lagos on Saturday.

According to him, the theme for this year’s investiture resonates deeply with the aspirations of our great nation: “Harnessing Nigeria’s Economic Potentials for Growth and Development: Strategic Imperatives.”

“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 and toaster development and ultimately uplift the lives of all Nigerians.

“In a rapidly changing world, the success of nations is often determined by their ability to harness their inherent strengths and overcome their challenges. Nigeria, with its abundant human and natural resources, possesses incredible economic potential. However, unlocking these potentials requires strategic imperatives that go beyond mere recognition; it demands deliberate action and innovative thinking.”

CIBN president noted Nigeria, with its abundant human and natural resources, possesses incredible economic potential. 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 and 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.”

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.’’

While presenting his paper at the event the Chief Economist, Development Bank of Nigeria Plc, Prof.Joseph Nnanna said

economic diversification emerges as a crucial avenue, leveraging the untapped potential of non-oil sectors to promote inclusive sustainable growth.

He noted that “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.

“Also, human capital development takes centre stage, acknowledging that education and health are at the core of economic growth.

“Infrastructure development stands as another cornerstone, underscoring the importance of building a modern and efficient infrastructure network’’.

According to him, these strategic imperatives were not standalone solutions and would need to be complemented by 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 conferred 449 with awards, 20 Honorary Fellows (including one Posthumous Award), 154 Elected Fellows and 275 Honorary Senior Members.