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Chairman of UBA Group, Tony Elumelu, has warned that high regulatory and compliance costs are stifling the Nigerian banking sector’s growth and innovation.
Elumelu emphasized the sector’s critical role in Nigeria’s economy, employing millions and supporting businesses, but noted that regulatory challenges remain a significant concern.
He urged stakeholders to engage in meaningful dialogue to create a more collaborative environment, addressing issues such as:
– High regulatory and compliance costs
– Infrastructure and energy deficiencies
– National security crisis
– Empowerment of youth entrepreneurs
Elumelu highlighted the importance of creating an enabling environment for young Nigerians to start businesses, driving economic growth.
He also discussed his business and philanthropic efforts through Heirs Holdings, UBA Group, and the Tony Elumelu Foundation, contributing to power, energy sufficiency, job creation, and youth entrepreneurship across Africa.