Nigeria Targets $1 Trillion Economy Through Banking, Fintech, and Real Sector Growth

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Nigeria’s pursuit of a $1 trillion economy requires strategic collaboration among banking, fintech, and the real sector, according to Ugo Nwaghodoh, Executive Director Finance  and Risk Management at United Bank for Africa Plc.

Speaking at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference, Nwaghodoh emphasized the need for bank recapitalization, fintech innovation, and real sector growth.

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Bank recapitalization will fortify the banking sector, enabling it to drive economic growth. Fintech innovation will expand financial access and stimulate competition, while the real sector will drive employment, innovation, and economic diversification.

Policy recommendations include maintaining a growth-focused monetary policy, encouraging impactful lending, and safeguarding the financial ecosystem.

Nigeria’s economic future depends on collective effort and strategic alignment among policy makers, investors, technologists, and the private sector.

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