Tony Elumelu, the founder and chairman of Heirs Holdings Group, has said Nigeria has been hit hard as it has been a tough year for the economy.
He spoke on Tuesday in Abuja at the CIBN 17th Annual Banking & Finance Conference with the theme Accelerated Economic Growth and Development: The State of Play and the Way Forward.
He remarked that “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”.
Mr. Elumelu further stated that Inflation has continued to surge, causing pain across our economy thus “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” he queried.
“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 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 warned.
The Africacapitalism proponent called for an investor-friendly environment for Nigeria to move the needle in economic prosperity.
“At this time of uncertainty, we all – citizens and government – must transform this crisis into an opportunity—a blueprint for creating a thriving, people and investor-friendly environment,” he said.
“I talk of Africapitalism, the importance of the private sector driving economic change, but delivering it in a way that is just and equitable – but we cannot do good and do well when our people who strive cannot thrive” he noted.
Also commenting Mr. Oliver Alawuba, GMD/CEO UBA Plc, Chairman Body of Banks’ CEOs and Chairman of the 17th CIBN Annual Banking and Finance Consultative Committee said as stakeholders reflect on the wealth of knowledge, insights, and strategies shared throughout this conference, he called for transformation of the learnings into action.
“Our collective future depends on the steps we take today to innovate, collaborate, and drive progress” he noted.
“In the words of the late visionary, Nelson Mandela (July 18, 1918 – December 5, 2013; revered South African anti-apartheid activist and first Black President of South Africa from 1994 to 1999): ‘Vision without action is just a dream. Action without vision just passes the time. But vision with action can change the world’” he remarked.
“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” he called.
