The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has stated that the South South region contributed N34 trillion to the country’s economy in 2024.
He made the remark at the South South Zonal Banking and Finance Conference in Calabar on Thursday.
Olanrewaju, who spoke on the theme, ‘Building an inclusive South South: Economic diversification as a catalyst for development,’ quoted the data from the Cable Data Index, adding that the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as “impressive,” saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises,” he said.
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South South region, where financial institutions and stakeholders collaborate to diversify the economy for shared prosperity.
He, however, commended Governor Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Otu said that the conference discussion on the economic diversification in the South South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Peter Odey, Otu said the South South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project-focused financing and real investment support,” he stated.