Tony Elumelu, Chairman of United Bank for Africa and Founder of the Tony Elumelu Foundation, has emphasized the critical role of electricity supply in fostering the growth of Nigeria's financial institutions.
During a recent statement, Elumelu noted that for Nigerian banks to compete effectively on a global scale, the country must enhance its electricity infrastructure.
He argued that reliable electricity is essential for leveraging artificial intelligence and developing massive data-gathering capabilities, which are vital for modern banking operations.
Elumelu's remarks underscore the broader challenges facing Nigeria's financial sector, particularly in the context of technological advancement and global competitiveness.
He called for urgent investment in electricity supply to empower financial institutions, enabling them to harness the benefits of digital transformation and improve their service offerings.
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