The growth in the Nigerian banking sector is being impeded by regulatory and high compliance costs that limit innovation in the sector, Group Chairman, United Bank for Africa (UBA Plc), Tony Elumelu has said.
Speaking yesterday at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking & Finance Conference held in Abuja, with theme: “Accelerated Economic Growth and Development: The State of Play and the Way Forward”, he listed key steps to be taken to overcome these challenges.
He said that stakeholders, including government agencies, regulatory bodies, and banking institutions must engage in constructive dialogue to foster a collaborative environment.
“By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians. The success of Nigerian banking sector is felt beyond Nigeria.”
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“Nigerian banks have become multinationals, leading the sector across Africa, establishing themselves in the world’s financial capitals – and in doing so they have changed how our country is perceived, created pathways to opportunity and set themselves up as role models for our other industries,” he said.
Elumelu, who also chairs the Heirs Holdings Group said that achieving economic growth requires the collective efforts of all Nigerians.
He said that United Bank for Africa Group serves 45 million customers across 20 African countries, as well as UK, US, France, and the UAE. “UBA Group is not just a bank; it empowers businesses, creates jobs, and facilitates regional and continental trade, contributing to our nation’s development,” he said.
“We have seen the results – in the partnerships we have forged, the optimism we leave in our messages, and the millions of lives impacted by both our business and philanthropic activities,” he stated.
“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,” he said.
Chairman, Body of Bank CEOs and Group Managing Director/CEO UBA Plc, Oliver Alawuba, thanked all stakeholders for their participation and support.
He said: “I am filled with profound gratitude and admiration for everyone who has contributed to making this remarkable conference a resounding success. Let us not merely leave this conference inspired but let us leave it determined to execute – committing ourselves to building a financial sector that powers our economy, lifts our people, and transforms our world”.
