Elumelu Stresses Importance Of Electricity And Security For Nigeria’s Industrial Development

Elumelu Stresses Importance Of Electricity And Security For Nigeria’s Industrial Development

The Chairman of the United Bank for Africa Group, Tony Elumelu, said on Tuesday that reliable electricity and improved security are essential to Nigeria’s industrial future.

Speaking at the 17th Annual Banking and Finance Conference in Abuja, Elumelu highlighted the role of the two factors in accelerating the country’s development.

The conference, organised by the Chartered Institute of Bankers of Nigeria, was attended by high-ranking officials, including Vice President Kashim Shettima, and Central Bank Governor, Olayemi Cardoso.

“Development is impossible without reliable access to electricity,” Elumelu noted in his speech, adding that “Nigeria cannot industrialise, and our youths cannot be educated without ensuring our abundant natural resources are translated into robust power for all.”

Elumelu’s comments came at a time Nigeria’s economy is struggling with high inflation, manufacturing downturn, and a heavy reliance on imports.

The UBA chairman urged stakeholders to view the ongoing economic crisis as an opportunity to create a blueprint for a sustainable and investor-friendly environment.

He also called for urgent measures to address insecurity, which he described as a national crisis.

“Our people deserve to go to their farms unhindered, live peacefully, and conduct their lives and businesses without fear,” Elumelu said.

“Security is fundamental to fostering trade and attracting investment,” he added.

He also cited youth entrepreneurship as a key driver of economic growth and called for more support for young businesses.

“We must create a Nigeria where value and wealth creation can take place at home, where our young can realise their dreams in Nigeria, for Nigeria,” he remarked.

Also, the Group Managing Director of UBA, Oliver Alawuba, emphasised the role of leadership and vision in driving the country’s development.

Alawuba lauded Shettima”s leadership
and other key stakeholders for their commitment to advancing the banking sector and the economy at large.

“Your presence reflects a deep and unwavering commitment to the growth of our beloved nation,” he said, highlighting the importance of collaboration between government and industry leaders.

According to him, while inspiration is key, it must be followed by action.

He urged participants to apply the insights gained at the conference towards fostering innovation, collaboration, and progress within the financial sector.

“Our collective future depends on the steps we take today to innovate, collaborate, and drive progress,” he noted.