Improvement in economic indicators points to Nigeria’s stabilisation — UBA boss
Oliver Alawuba, Group Managing Director of United Bank for Africa (UBA) and Chairman of the Body of Bank CEOs in Nigeria, has presented a strategic framework aimed at fostering a resilient Nigerian economy. He emphasized the need for intentional policies and enhanced collaboration between public and private sectors to convert economic stability into inclusive prosperity.
Alawuba spoke during his goodwill address at the 19th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja last week.
Addressing the conference theme, “Building a Resilient Economy in an Era of Disruptions: Imperatives for the Banking and Financial Services Industry,” Alawuba stated that resilience should be integrated into Nigeria’s policies, institutions, infrastructure, supply chains, energy systems, financial systems, and workforce development.
He explained that resilience does not mean avoiding shocks altogether, but rather refers to the ability to absorb, adapt to, and progress following disruptions without placing undue burdens on the nation’s most vulnerable citizens.
Alawuba pointed out that the global economy is grappling with ongoing structural disruptions—including geopolitical conflicts, energy market volatility, and inflationary pressures—highlighting the necessity for Nigeria to create robust systems that can endure future shocks rather than merely reacting after they occur.
He acknowledged the contributions of the Federal Government and the Central Bank of Nigeria (CBN) for their improved coordination of fiscal and monetary policies, noting positive trends in key economic indicators that mark progress in Nigeria’s stabilization efforts.
However, he asserted that these achievements must be converted into broader economic opportunities and enhanced living standards. Alawuba underscored the vital role of the banking industry in supporting the country’s resilience agenda, referring to banks as the “financial shock absorbers and growth partners.”
He also highlighted a notable achievement in the banking sector—the mobilization of ₦4.65 trillion by 33 banks during a recent recapitalization effort. This development is seen as a critical enhancement to capital adequacy, asset quality, balance-sheet transparency, and overall investor confidence, as well as an expansion of the industry’s capacity to absorb shocks and finance larger projects.
Moreover, Alawuba stated that the resilience of the banking sector is being bolstered by significant investments in digital infrastructure, cybersecurity, and operational resilience. He cited that four major banks invested over ₦119 billion in technology during the first quarter of 2026, a 43.2 percent increase compared to the previous year.
