Escalating Poverty, An Urgent Concern

The managing director and chief executive of First Bank, Olusegun Alebiosu has emphasised the need for leaders across the globe to urgently address the rising poverty level in the world.

Alebiosu whilst speaking on the sidelines of the United Nations General Assembly in New York highlighted poverty eradication as a pressing concern that should keep international leaders up at night. Alongside poverty, he said climate change and gender inequality are equally pressing issues that demand attention and action.

Alebiosu stressed that poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most critical factor in combating poverty in the 21st century.

“The easiest way to get out of poverty is access to finance,” he noted.
Some of the important discussion topics during the UN Global Compact Leaders’ Summit according to Alebiosu included innovative financing, sustainable financing, and the impact of artificial intelligence on humanity. He stressed the critical need to develop human resources to tackle the widening economic gap between developed and developing nations. This emphasis on human resource development echoes the United Nations’ focus on sustainable development and equality, particularly in areas such as gender equality, climate action, and living wages.

As a financial expert in Nigeria and Africa, Alebiosu has identified financial inclusion as a key area for FirstBank to address in supporting poverty alleviation under the sustainable development goals.
FirstBank considers financial inclusion a central part of its business strategy, resulting in the extension of over N36 billion in loans to women in 2023 and the development of a gender market strategy to strengthen the Bank’s women portfolio.

Alebiosu highlighted FirstBank’s extensive Firstmonie agents’ network in Nigeria, which surpassed 232,000 in 2023, with over 55,000 of the agents being women who continue to offer financial services in their communities as a testament to the power of financing in advancing economic interests and promoting economic development.

Concluding, Alebiosu expressed his vision for the future and said “FirstBank will further be entrenched into the fabric of the society, earning a place in the hearts and minds of Nigerians as a Giant advocate for economic development in Nigeria and Africa as a whole.”