Would you like to receive notifications on latest updates of the following headlines?

BOI advocates increased production to achieve $1tn economy

POSTED ON September 30, 2024 •   Business      BY Abiodun Saheed Omodara
Bank of Industry

The Bank of Industry has emphasised that Nigeria must enhance its production capacity to achieve a one trillion-dollar economy by 2026.

The Divisional Head of Services, BoI, Isa Omagu, stated this over the weekend at the 2024 annual conference of the Finance Correspondents Association of Nigeria in Lagos with the theme, 'Nigeria’s Journey Towards a $1 trillion Economy: Impact of Banks’ Re-capitalisation, Opportunities for Fintechs and Real Sector'.

He noted that the country’s economy relied heavily on fiscal and monetary policies, urging collaboration between both sides.

He also said that Nigeria’s current production levels were insufficient, warning against overreliance on imports if the country aimed to achieve economic robustness.

“To reach a $1tn economy, we must focus on boosting production capacity,” Omagu said, calling for investment in agriculture, infrastructure, and services, which would reduce import dependence and ease forex pressure.

Also, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Mr Bello Hassan, among other stakeholders, emphasised the need for banks and Fintech companies to collaborate and drive real sector growth.

He stated that the current recapitalisation initiative of the Central Bank of Nigeria must be effectively implemented.

According to Hassan, this is necessary towards enhancing the resilience, solvency and capacity of Nigerian banks to absorb shocks and continue to support the economic development of the nation by efficiently performing their function as the fulcrum of financial intermediation.

He noted the role of strong and well-capitalised banks in supporting the current administration’s bold vision of growing Nigeria’s economy to a $1tn must be appreciated by the relevant players in the financial sector.

“The opportunities and potential for growth of the real sector depend, among others, on the availability and affordability of financing the economy. To achieve the desired level of financing required by the real sector, the window offered by banks in partnership with fintechs must be adequately harnessed,” he said.

He, however, stressed the need for supervisors to understand the interconnection among the various financial services providers and how their policies and actions could affect the efficiency and optimality of the overall financial system.

The Group Managing Director of United Bank for Africa Plc, Mr Oliver Alawuba, said Nigeria’s journey to a $1tn economy is not just a vision but also a shared responsibility.

Alawuba, who was represented by the Executive Director of Finance and Risk Management, UBA, Ugo Nwaghodoh, called on the banking sector, fintech innovators, the real sector, and regulatory institutions to work hand-in-hand to drive this transformation.

“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,” he said.

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.

READ ALSO
Nigeria's 2024 Budget Capital Extension Draws Criticism from Economists
BY Abiodun Saheed Omodara June 25, 2025 0

The Senate and House of Representatives have once again prolonged the implementation of the capital...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

OUR CHANNELS:

Nigeria's Gemstone Potential: A Deep Dive into 10 Rare Minerals and Their Regions of Origin
BY Abiodun Saheed Omodara June 24, 2025 0

Nigeria is making waves with a revolutionary $400 million Foreign Direct Investment dedicated to cre...


IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...


EFCC Charges Businessman, Company with $75,000 Fraud
BY Abiodun Saheed Omodara June 24, 2025 0

A businessman, Peter Otomewu, along with his company, Pebeto Enerji Limited, was brought before the...


Osimhen Willing to Join Manchester United for Under £200,000 a Week
BY Abiodun Saheed Omodara June 24, 2025 0

Victor Osimhen is reportedly willing to accept a weekly wage of just under £200,000 at Manches...


Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 25, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...


French Police Arrest 12 over Alleged Drugging of Women at Music Festival
BY Abiodun Saheed Omodara June 24, 2025 0

French police have arrested 12 individuals suspected of drugging female festivalgoers during the ann...


NATO Warns Iran Against Nuclear Weapon Development Amid Rising Tensions
BY Abiodun Saheed Omodara June 24, 2025 0

In a renewed effort to curb escalating violence in the Middle East, the North Atlantic Treaty Organi...


Mertens Announces Retirement from Football, Cites Age and Fatigue
BY Abiodun Saheed Omodara June 24, 2025 0

Belgian football star Dries Mertens has officially announced his retirement from professional footba...


Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 24, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 24, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


More Articles

Load more...

Menu