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With the right policies for the next generation, Nigeria's aspiration to become one of the world's largest Nigeria's youth, including survey data on their attitudes and opinions. Nigeria's This has come at a significant short-term cost, diverting This change has the potential to provide a substantial economic boost. However.
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- Chinua Achebe on corruption and hope in Nigeria
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The quality is fast deteriorating. We have very smart people who, given the opportunity, would do well. We need to begin to think seriously of having the right workforce for the Fourth Industrial Revolution era. If you look at most Nigerian bank cards, debit cards, credit cards, mobile, and all that, they are being used globally. How do you carry out your reconciliation? You cannot do it manually. Most banks are introducing robotics to handle all that. So automation will continue to be the heart of banking business.
But the beauty is, as you automate, you still need people. Even with the advent of e-banking and automation, people are still banking in branches, and you need people to work in those branches. So automation does not necessarily result in job losses. This represents a major opportunity. But it is still muted. It is not enough to have numbers. You need numbers that have the purchasing power. As a country, we need to create lots of jobs. You remember in the U. Most of the engineering schools in Nigeria started because of the need to train indigenous engineers.
Some of us went to study civil engineering because the government was engaged in massive construction of roads, buildings, dams, et cetera. This created lucrative opportunities for engineers, technicians, surveyors. Because there are no jobs in engineering right now. And this is due to the fact that we are not developing the economy, and productivity is very low. We are not moving fast enough to a cashless system. The cost of building branches is high, because of infrastructure costs.
You cannot compare the average size of the branch of a bank in Nigeria to the one in the United Kingdom or the United States. Look at the massive structure we have out there for a branch in Nigeria. Maybe 30 percent [of the space] is for physical cash. What do you do in the branch of your bank?
You may want to get advice and withdraw some cash, which you can do from an ATM anyway. There is still too much cash in the environment. And that in itself is because we are still encouraging cash, which is a disincentive to financial inclusion [because of the costs associated with cash].
Instead, look at the cranes. How many cranes can you see that are moving? I can only see one crane there.
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It just shows you that things have slowed down. Back when I started, you would see cranes all over the place. If you check a typical economy that is active and buoyant, you will see construction of roads, buildings, et cetera. This is because construction has a multiplier effect on many sectors of the economy. Even the government warned that we should be prepared for much tighter years to come. Look at the FMCG [fast-moving consumer goods] companies where the top line is challenged.
If the top line is challenged for these companies, which sell basic things that we all need, then it just shows that we need to revitalize the economy. Why stay with one company for so long? What probably has kept me for 26 years is that there is always something different.
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If we check from the s up till now, the banking industry has completely changed, multiple times. Look at how electronic business has changed what we do. So you keep on learning, you keep on changing and adapting. So when I look back on my career, there was excitement at any given point in time. AMANGBO: The consolidation that happened in , when 89 banks were reduced to 25, was a big change, but the biggest change is the role of technology in banking.
The Internet and mobile technology have transformed banking. That in itself has helped a lot in terms of financial inclusion because you see that the average person today in Nigeria can access banking services on their handheld device. The fact that our profitability has been consistently very strong separates us from the rest. Zenith Bank has grown to become the most important, forward-thinking, innovative bank with exceptional customer service.
Zenith is the bank to beat in Nigeria.
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Chinua Achebe on corruption and hope in Nigeria
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Courtesy of Zenith Bank. Related stories. Inside the Mind of the CEO. What happened after India eliminated cash by Deepa Krishnan. We can also regard this promise as a challenge. In responding to the challenge and opportunities of the Obama Era, Nigerian leaders in government, business, and many civic institutions can realize the long-frustrated promise of this nation to be a leader among nations in the world. On April 29, , Ambassador Johnnie Carson, who has had several diplomatic postings in Africa, delivered a statement for his confirmation hearings to be U.
Assistant Secretary of State for Africa. Permit me to share with you some of the remarks made by Ambassador Carson on that occasion which are so pertinent to Nigeria and to our reflections today. Ambassador Carson set forward an agenda for progress to be pursued by the United States in partnership with African governments and peoples: strengthening democratic institutions; preventing conflict; fostering sustained economic growth; and combating global threats.
He identified the threats as health pandemics, climate change, food insecurity, narcotics trafficking, and maritime security. When I speak of the Obama era, I optimistically envision two elected presidential terms, or eight years, and the first eight years of an Obama post-presidency for a total of sixteen years. I worked for six years with former President Jimmy Carter and so I know how important the post-presidency can be.
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And sixteen years is not a long time. Go back sixteen years and we are in That was the year in which Nigeria had one of its most successfully conducted elections since independence only to slip under a five-year nightmare of dictatorship and disillusionment. It is unlikely that Nigeria will leapfrog over more than twenty countries that are ahead of it in the next eleven years. More realistically, we should speak of as a target year for Nigeria to have made substantial progress towards achieving the Millennium Development Goals officially slated for , and more pertinently, to have undergone the transformations needed to build a productive economy that can provide remunerative employment for most of its adult citizens.
Over the past ten to fifteen years, Nigeria has made significant progress in certain economic sectors, notably banking, telecommunications, and the airline industry. Building on the achievements of former Governor Bola Tinubu, the major achievements being made by the Administration of Governor Babatunde Fashola are recognized by any regular visitor to Lagos state.
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Economic transformation and developmental governance are taking place before our very eyes, creating models for emulation by other states in the Federation. Do not be surprised if government officials from other large cities in the world who confront the multiplicity of urban challenges, from Caracas in Venezuela to Cairo in Egypt, soon appear in Lagos to borrow ideas and practices. Angola was given high marks by a few panelists for the progress being made in the management of its oil industry.
Persistent violence in the Delta has led to a significant loss of petroleum exports from Nigeria. The recent military actions against the armed militias in the Delta might succeed in bringing oil exports just over the two million bpd mark, where it has stood for decades. Nevertheless, severe institutional and governance deficiencies would still leave Nigeria unable to build the level and density of productive activities required for sustained economic growth. However, unlike these countries, it is hobbled regarding one of the most fundamental infrastructures of democracy, namely, a fair, violence-free, and efficient electoral system.
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The recent partial re-run election in Ekiti state confirms the concerns expressed by Ambassador Carson. It is so pertinent to the challenges today that I give permission to Nigerian newspapers to serialize those chapters. As we now look forward with some trepidation to the elections, it is important for Nigerians to remember how much electoral fraud and violence contributed to the collapse of one of the most elaborately prepared constitutional democracies in Africa, namely the Second Republic of While violence in the Delta deprives Nigeria of the full value of its potential earnings from oil and gas exports, an arguably greater threat to Nigerian stability, and thus its economic prospects, is the uncertainty connected with its electoral system.
I hope this issue will receive the sustained high-level attention it deserves.