Olusegun Alebiosu, the managing director and CEO of First Bank of Nigeria Limited, asserts that the banking industry is becoming a vital force behind sustainable growth even as Nigeria struggles with economic issues.
That was the main topic of conversation during the 17th Annual Banking and Finance Conference, which brought together important players to investigate ways to stabilize the financial system and economy of the country. The conference was hosted by the Chartered Institute of Bankers of Nigeria (CIBN). Eyes Of Lagos reports,
The conference, with the theme “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” covered important topics such the rapidly rising rate of inflation, the instability of exchange rates, and the increasing need for regulatory reform. Experts at the conference emphasized how urgent it is to harmonize the financial sector’s plans with international norms in order to reduce risks, since currency volatility is a major contributor to inflation.
Prominent bankers, economists, business leaders, legislators, and representatives of a range of industries, including agriculture, ICT, and aviation, came together in Abuja to underscore the interdependence of the problems facing the economy. Apart from customary banking concerns, conversations delved into the functions of industries such as mining and electricity, highlighting the necessity for financial structures to adjust and facilitate the expansion and variety of the industrial sector.
The FBN MD expressed hope for Nigeria’s economic revival in the remaining months of 2024 during his speech at the ceremony. He pointed out that the main elements anticipated to support growth are enhanced security, increased oil output, and growing local demand.
Alebiosu states that there is a bright future ahead for the Nigerian economy in 2024. Enhanced security, increased oil production, and a greater market for locally made items are the main forces.
He emphasized that in order to enhance economic resilience, the banking industry’s focus must continue to be on creative solutions, risk management, and customer-centered methods. Alebiosu said, “This conference offers an essential forum for professionals to collaborate, exchange knowledge, and investigate forward-thinking solutions that will shape the banking industry.”
The conference resolutions, which will be distributed to pertinent stakeholders and policymakers, are anticipated to have an impact on policy direction in addition to fostering intellectual interaction. Aligning the banking industry with international best practices and coordinating efforts across industries are seen crucial for effectively managing Nigeria’s economic issues.
At the end of the conference, there was an overwhelming demand that banks take the lead in introducing creative financial solutions that not only address the present state of the economy but also set the nation up for long-term prosperity. Unlocking Nigeria’s potential in 2024 and beyond is thought to depend on the banking sector’s continued cooperation with other businesses.
