Banking sector, fintech innovators, others should collaborate to achieve $1tn economy- UBA ED

Nike Popoola

The banking sector and others should collaborate to achieve N1tn economy target of the Federal Government.

The Executive Director, Finance and Risk Management, United Bank for Africa Plc, Ugo Nwaghodoh, spoke at the 2024 Annual Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme: Nigeria’s Journey Towards a $1tn Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and Real Sector.

He said, “Nigeria’s journey to a $1tn economy is not just a vision – it is a shared responsibility.

“The banking sector, fintech innovators, the real sector, and regulatory institutions must 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 added, “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 $1tm 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.