Experts  List Education, Electricity as Factors to Set Nigeria on Economic Growth

Oluchi Chibuzor

Economists, policy analysts and stakeholders in Nigerian financial industry have listed education and electricity as factors that would set the country on the path for economic growth.

They stated this recently in Lagos at the Executive Director/Chief Operating Officer of FundQuest Financial Services Limited, Mr. Bisi Oni’s 60th birthday celebration.

Speaking at the event, Oni advised the government to take a focus on a sector that has linkages, especially electricity and education.

According to him, “Solve this problem because it has a multiplier effect on the economy. Electricity is central, without it, you cannot build infrastructure, effective transport and corporations. So the government must solve the electricity problem and you will see so many things that will revolve around it.”

Giving his opening remarks, the MD/CEO of FundQuest Financial Services Limited, Abiodun Akinjayeju, explained that the theme of the discourse encapsulates a critical aspect of the country’s economic landscape.

According to him, “As we journey into the future, it becomes increasingly clear that the role of financial institutions, particularly banks, is pivotal in fostering a conducive environment for productivity and innovation across industries.”

He added that the gathering was a “call out on our banks to transcend from the perceived predatory disposition to a more symbiotic and supportive partner in national development.”

Delivering the colloquium lecture  at the event with the theme: ‘Transcending from Financialism to A Productive and Innovation for Impactful Development’, the MD/CEO of Sterling Bank, Mr. Abubakar Suleiman, explained that the banks are mere intermediaries for capital, to complement other sources of capital like savings, friends/family support, and venture capital.

Abubabar maintained that for growth, the country must focus on education, electricity and the issue of population explosion.

He said: “Let us get our priority right, the banks alone cannot lift the people out of poverty. The government must fix the problem confronting the efficient use of capital. The bottleneck at the Apapa Port, for instance, must be fixed. Presently, it is cheaper to bring goods from China than to move it from Apapa port to Ibadan.”

The Chairman of the Board of Directors of Proshare Limited, Mr. Olufemi Awoyemi, maintained that banks are providers of capital and not quasi-public institutions.

He noted that Nigerian banks’ profits are presently based on interest loans and other incomes which are basically forex.

Similarly, the CEO of New Horizon System Solution, Tim Akano, submitted that without redefining the purpose of banks, Nigeria cannot develop.

According to him, “Trillions of naira are declared as profit yearly in a country where hundreds of companies are either folding up or in distress. For who do the banks exist for?”