N53.3tn Banking Sector Contribution Excites Osinbajo

Vice-President Yemi Osinbajo has lauded the Chartered Institute of Bankers of Nigeria (CIBN) for its contribution to the growth of the Nigerian banking sector and the private sector.

Speaking at the commissioning of the new Bankers’ House in Abuja, Osinbajo noted that the banking industry contributed about N53.3 trillion to the country’s economy in 2020.

The Head, Corporate Communication and External Relations of CIBN, Nelson Olagundoye, released a statement to this effect yesterday.

The vice-president added that the industry also contributed N37.8 trillion in 2018, N42.7 trillion in 2019 and N53.3 trillion in 2020.

 “The CIBN’s role in the private sector cannot be overstated. In laying the parameters for professional and ethical conduct, healthy competition, and continuous professional development, it has helped to guide the evolution of a banking industry that has grown to become the envy of the continent,” Osinbajo said.

He said that the country has six unicorns, tech companies valued at over $ 1 billion, noting that all the companies “started after 2015, and have grown between two recessions”.

“In 2021 African tech startups raised over $4 billion in funding, with over 564 startups across the continent solving critical problems in almost every sector. Nigeria accounted for 35 percent of this,” he added.

 “This is why we put such great premium on the resourcefulness and strength of our private sector.”

CIBN president, Bayo Olugbemi, said the new edifice was a fulfiLlment of a dream long conceived.

He said when the seat of government moved to Abuja in 1991, the institute became desirous of establishing its presence at the FCT.

“Since then, several attempts were made at acquiring land or landed properties in the FCT, but the efforts were frustrated by disputes on the various properties, especially those statutorily allocated to the Institute,” he said.

 “Not discouraged by these challenges, the Institute doggedly forged ahead in its quest for a presence in the FCT. The result of the various initiatives that were engaged is what culminated in the purchase and development of the edifice we are commissioning this morning.”

According to him, the new Banker’s House would include the CIBN national secretariat Abuja office and the permanent secretariat of the Alliance of African Institute of Bankers (AAIOB).

He said the building would feature a learning/incubation hub, a banking hall, a multi-purpose hall and a training facility sponsored by Nigeria Deposit Insurance Corporation (NDIC).

“Spaces are available for branding, and I want to call on the banks and other corporate bodies to pick up available spaces to project their brands,” he said.

In his intervention, the Chairman, Bankers’ House implementation committee and Chairman, United Bank for Africa (UBA) Plc, Tony Elumelu, said that the inauguration of the building was a “dream come true”.

According to the statement, Elumelu, represented by Emmanuel Nnorom, chief executive officer, Heirs Holdings, paid N25 million for the branding of UBA hall in the building.