Nigeria’s journey to $1trn a shared responsibility – Alawuba
The Group Managing Director, United Bank for Africa Plc (UBA), Mr. Oliver Alawuba said Nigeria’s journey to a $1 trillion economy is not just a vision but also a shared responsibility.
Addressing financial journalist at a seminar in Lagos Alawuba, urged the banking sector, fintech innovators, the real sector, and regulatory institutions to work hand-in-hand to drive this transformation.
Alawuba who was represented by the Executive Director, Finance and Risk Management, UBA, Ugo Nwaghodoh said.
“We are on the cusp of a new era, one that will be defined by innovation, resilience, and sustainable growth. Let us take this opportunity to collectively shape the future, ensuring that the Nigeria of tomorrow is one where prosperity is shared, opportunities abound, and our economy stands as a beacon of growth on the global stage.”
According to him, Nigeria has the largest fintech market in Africa, populated by a rapidly growing number of start-ups offering solutions that address the inefficiencies of the traditional banking sector.
“Fintech has already transformed how Nigerians access financial services – from mobile payments to lending platforms, the scope is vast.
“As we march towards a $1 trillion economy, the Fintech Sector is poised to play a crucial role in expanding financial access, driving innovation, and stimulating competition within the broader financial system,” he said.
He said “As we gather to explore the theme of this conference – Nigeria’s Journey Towards $1tn Economy: Impact of Banks’ Recapitalization, Opportunities for Fintechs, and the Real Sector – we must reflect deeply on where we stand today, and the deliberate steps required to reach this ambitious milestone.
“The $1trillion economy vision is bold, yet achievable. However, it requires not just incremental growth, but structural shifts in how we approach banking, financial innovation, and sectoral development.
” As we embark on this journey together, let us recognize that the future of Nigeria’s economy rests on the strategic alignment of policy, investment, technology, and, most importantly, our collective will to innovate and grow.”
Speaking on the banking sector recapitalization, he said, the initiative is not just about compliance with regulatory requirements, but about equipping the banking sector with the financial strength to be a reliable engine for economic transformation.
Insightful points for the banking industry, he noted, include stabilizing the financial ecosystem, expanding credit to the real sector, and helping the banks to navigate global trends as the Nigerian banking sector must remain attuned to global trends such as digitization, application of artificial intelligence, ESG (Environmental, Social, and Governance) criteria, and Sustainable Finance.
