Invest More In Agriculture To Reposition For Global Context – Gumel Tells Banks

Chairman, Union Bank of Nigeria Plc Mr Farouk Gumel has said Nigerian banks must invest in modernising agriculture, helping it to be more resilient, more dynamic and better able to adapt for the banking sector to favourably compete in the evolving global context. Modernisation means much more than technology alone. It is also about farming techniques.

Speaking at the 15th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) Theme: Repositioning the Financial Services Industry for an Evolving Glocal Context, Mr Gumel said to reposition the industry for a ‘Glocal context’, “we need also to look more inwards,” saying repositioning is not an option. It is a necessity

Nigerian has begun an agricultural renaissance over the past seven years. “To be truly Glocal, we must commit the same resources and investments to rural-local customers as we have done to urbanglobal clients.

Of course, he agreed that the local players must keep an eye on what global happenings to stay in tune with international best practices, while asking that local/rural farmers should never be forgotten.

In his welcome address, President Muhammadu Buhari tasks the banking community on repositioning the financial industry and effective diversification of the nation’s economic. He urged the participants at the congress hall of Transcorp Hilton, Abuja to engage in robust discussions and sharing of ideas towards the target goal of repositioning of the financial services industry and the diversification of our economy.

The president who was represented by the minister of Finance, Budget and National Planning, Zainab Ahmed, emphasize the need for a Nigeria of the future that harnesses her strengths, competences, and cultural diversity to tackle the challenges that plague her people, from climate change to pandemics, and insecurity.

He promised that government will continue to formulate and implement policies that are aimed at promoting self-sustenance in critical areas such as energy, agriculture, health, technologies and awaits the outputs of this Conference as inputs for the process.

Mr Gumel underscored the need to localise global best practices – and, equally, for a global presence in an exciting emerging local market as Nigeria.

Gumel said Nigeria’s financial services and tech sectors are attracting unprecedented interest from Silicon Valley. “We can be proud of having more unicorns than any other African country,” he said. Nigerian fintech start-ups are setting the pace for the continent and indeed, the world.

He said 55 percent of Nigeria’s 64 million adult unbanked population is “a missed opportunity for our financial services industry to help create the growth that lifts us all to collective prosperity.”

To encourage financial inclusion drive, Gumel urged CIBN to publish a study that shows the fastest growing retail banks or the most trusted bank brand across Nigeria. “Those unbanked Nigerians are not only potential savers and borrowers. With our help, these are the entrepreneurs and founders of the businesses of the future.”

Gumel said as the industry players hail their role as champions and strive to retain position as industry leaders on a world stage, it is at their peril that the lose sight of the local element of what it means to be Glocal, a word for thinking global and acting local.

Acknowledging that there has never been a more pressing need for a more holistic approach to economic management and effective delivery of financial services, Mr Gumel said business and government must both play their part. “The most critical capacity we need to build is our human capacity. Our industry needs smart, agile and creative thinkers to keep up with this changing glocal context,” he stated.

President/chairman of council for CIBN Dr. Ken Opara said the financial services industry need to adapt to much faster pace of change in advancement in technology and innovation, saying services, products, and technologies that were new and useful in the past will not necessarily be so soon.

Dr Opara said advancement in technology and innovation is bringing about another wave of revolution that will change the landscape of the financial services sector more than ever.