The CEO of United Bank for Africa (UBA) Plc, Oliver Alawuba, has appealed to the federal government to grant tax incentives and breaks to financial institutions investing in infrastructure and mining.
This call was made during the 36th Seminar of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, where Alawuba emphasized the critical need for legislative support to drive economic transformation.
Speaking at the event, Alawuba urged the government to introduce tax incentives for recapitalization-linked investments, which he described as a “cornerstone for achieving Nigeria’s ambitious goal of becoming a one-trillion-dollar economy”.
He outlined the need for enabling legislation to facilitate long-term capital mobilization, strategic communication, capacity building, and robust engagement among stakeholders.
Recapitalization: A Landmark Policy for Economic Growth
Alawuba, who is also the Chairman, Body of Banks’ Chief Executive Officers, lauded the Central Bank of Nigeria’s move on banking recapitalization, describing it as a landmark policy designed to align the strength of the financial sector with Nigeria’s economic aspirations.
“It is a necessary and strategic step toward achieving the vision of a one-trillion-dollar economy,” he said. “As banks, we view this not only as a compliance requirement but as an opportunity to reimagine our role as economic enablers.”
He emphasized that Nigeria’s journey toward a trillion-dollar economy would depend on how effectively the financial sector mobilizes capital, strengthens critical infrastructure, supports the real sector, and accelerates digital transformation.
“Strong economies are built on the foundations of strong banks,” he added.
While acknowledging the significance of the recapitalization policy, Alawuba highlighted several challenges that could impede Nigeria’s economic ambitions.
These include regulatory and policy inconsistencies, security concerns, financial accessibility, and low levels of financial inclusion.
