Pius Olanrewaju, a professor and president of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-south region contributed N34 trillion to the country’s economy in 2024.
He made the remark on Thursday at the South-south Zonal Banking and Finance Conference in Calabar, Cross River State.
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He spoke on the theme, “Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Mr Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
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He 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, coordinated financial, technological, and policy support is essential to fully harnessing this potential.
“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.
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“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.”
Mr 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 commended Governor Bassey Otu of Cross River for his pledge of land for the CIBN Secretariat in the state and for being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
‘Diversification should be evidence-based’
For his part, Governor Otu said the conference discussion on economic diversification in the South-south region was timely, given the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by the Deputy Governor of Cross River, Peter Odey, Mr 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 noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Mr Otu further said that the state had invested in aviation by acquiring more aircraft for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion into its tourism sector.
Similarly, Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said the region was blessed with natural resources, cultural diversities and immense human potentials.
Mr Jibunoh, who was represented by Segun Shittu, head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
(NAN)
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