At the 17th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, UBA Chairman Tony Elumelu emphasized the banking sector’s crucial role in Nigeria’s economy. He highlighted regulatory and compliance costs as significant challenges stifling growth and innovation in the sector.
Elumelu praised the sector’s transformation over the past few decades as a success story but noted that high regulatory costs impede its progress. He advocated for collaborative dialogue among stakeholders to create a conducive environment for the sector to contribute more effectively to Nigeria’s economic growth.
Elumelu emphasized the sector’s impact beyond Nigeria, stressing the need for collective efforts to build a resilient banking sector that drives economic growth and supports Nigerians’ aspirations.
Regarding the recent 70% windfall tax on banks’ foreign exchange gains, Elumelu expressed support, despite industry concerns, highlighting the need for stakeholders to work together to address challenges and foster economic growth.
