The Nigerian government, under President Bola Tinubu, is training 3 million youths in digital technology and essential skills as part of its drive to create jobs and boost the economy. This initiative, designed to empower Nigerians with the skills needed for innovation-driven industries, was highlighted during the 17th annual Chartered Institute of Bankers of Nigeria (CIBN) conference in Abuja.
President Tinubu, represented by Vice President Senator Kashim Shettima, emphasized that the government aims to achieve 70% digital literacy by 2027, noting that such efforts are critical to job creation, increased productivity, and expanding access to financial services across the country.
“We are focused on creating jobs, reducing poverty, and ensuring every Nigerian has the opportunity to thrive,” Tinubu said. He added that tackling economic challenges such as volatile oil prices and the need for diversification in sectors like agriculture, technology, and manufacturing requires a collective effort to recalibrate Nigeria’s economic strategies.
Call for Collective Action to Boost Economic Growth
Chairman of UBA Group and Founder of Heirs Holdings, Tony Elumelu, also addressed the conference, stressing the need for collective efforts to overcome Nigeria’s economic obstacles. He pointed to rising inflation, a struggling manufacturing sector, and a growing population as key challenges, arguing for a long-term strategy beyond short-term interventions.
“Nigeria is rich in resources—natural and human—but we have failed to invest in our people and the value chain,” Elumelu said. “A country that does not address its basic infrastructure needs cannot realize its potential.”
CIBN’s Impact on Economic Policy
CIBN President, Prof. Pius Deji Olanrewaju, spoke on the positive impact of past conferences on government policies. He highlighted the recent lifting of foreign exchange restrictions on 43 import items as a direct result of CIBN’s recommendations. He also noted CIBN’s collaborations with stakeholders, including the African Guarantee Fund, to improve financing for Micro, Small, and Medium Enterprises (MSMEs).
Olanrewaju emphasized that Nigeria’s vast natural resources, including its 34.2 million hectares of arable land, remain underutilized, calling for concerted efforts to maximize the country’s agricultural potential.
Bankers as Critical Drivers of Growth
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, urged bankers to see themselves as crucial stakeholders in Nigeria’s economic development. “As bankers, we are not only stakeholders but drivers of inclusive growth. Our decisions and actions have a significant impact on millions of Nigerians and Africans,” he said.
Cardoso’s remarks reinforce the idea that financial institutions play a vital role in shaping Nigeria’s economic future, particularly in promoting inclusive growth and addressing the country’s infrastructure deficits.
