The Chairman United Bank for Africa (UBA) Group, Tony Elumelu, says stiff regulation and compliance cost is currently limiting the ability of banks to contribute significantly to Nigeria’s Gross Domestic Product (GDP).
He made the disclosure while delivering a keynote address in Abuja on Tuesday at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) with the “Accelerated Economic Growth and Development: The State of Play and the Way Forward.”
He said, “The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders. However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.”
On other areas to be improved by the government to address growth, he said, “Development is impossible without reliable access to electricity. Power is a fundamental resource that impacts every aspect of life—from hospitals to homes and businesses. Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all.
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“Also, we must incentivise our youth to embrace the challenge of driving economic growth. We face a choice, either we offer our young a future where opportunity is outside Nigeria, forcing our best and brightest to leave, to undertake perilous journeys that split families and destroy lives – or we create an environment for growth and innovation.”
Chairman, Body of Banks’ CEOs and Group Managing Director of UBA, Mr Oliver Alawuba, stated that the institute is committed to advancing not only the financial sector but also the broader goals of national development.
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