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Elumelu Urges Tinubu to Prioritize Security
Chairman of the United Bank for Africa, UBA, Mr. Tony Elumelu, has urged President Bola Tinubu to prioritize security to tackle the current food scarcity and attract investment into the country.
Yesterday, he made this call at the Annual Conference of the Chartered Institute of Bankers of Nigeria, CIBN, in Abuja.
Insecurity: A National Crisis
Elumelu described insecurity as a national crisis that must be dealt with decisively and urgently.
“To protect our people, feed them, attract investment, and foster trade, we must prioritize security. Insecurity has become a national crisis, which must be dealt with decisively and urgently. Our people deserve to go to their farms unhindered, live peacefully, and conduct their lives and businesses without fear; it is the fundamental right of every citizen.”
The UBA chairman also spoke on the banking sector, describing it as “a cornerstone of Nigeria’s economy”.
He noted that the sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.
However, he acknowledged that the sector faces challenges, including regulatory and high compliance costs, which impede its growth and innovation.
“To overcome these challenges, 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,” Elumelu said.
President Tinubu’s Economic Growth Plan
In his message to the conference, President Bola Tinubu emphasized the need for capacity building, talent development, and youth empowerment as drivers of economic growth.
“We are committed to achieving a 70 percent digital literacy level by 2027 through collaboration and innovation. We must focus on capacity building, talent development, and youth empowerment. These are the hands of our youth, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward,” he said.
The President also outlined policies to restore confidence in the economy, reduce inflation, stabilize the foreign exchange market, and improve fiscal management. “Our focus is on strengthening infrastructure development. We are reducing transportation costs and improving market access by investing in infrastructure that supports economic growth,” he said.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured that the government would alleviate transportation costs by enhancing the supply of premium motor spirit, PMS, otherwise known as petrol, by 25 million liters, starting in September, through the Dangote refinery.
He added that the procurement of biofuel buses and compressed natural gas, CNG, and conversion kits would receive greater attention.
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