By Nsan Neji
CALABAR (CONVERSEER) – The Chartered Institute of Bankers of Nigeria (CIBN) has revealed that the South South geopolitical zone contributed N34 trillion to Nigeria’s economy in 2024, representing over 21 per cent of the country’s real Gross Domestic Product (GDP).
The disclosure was made by the President of CIBN, Professor Pius Olanrewaju, on Thursday during the South South Zonal Banking and Finance Conference held in Calabar, Cross River State. He cited figures from TheCable Data Index to support the revelation.
According to Olanrewaju, the region’s economic output was not solely reliant on oil, as growth was also driven by expansion in trade, services, and the creative industries. He stressed the need for coordinated financial, technological, and policy interventions to fully harness the region’s potential.
“The financial system must serve as more than a capital source; it must drive innovation, ideas incubation, and inclusive growth,” Olanrewaju said, urging stakeholders to shift their mindset and view the region beyond its traditional role as a resource belt.
According to the Guardian, Olanrewaju commended Cross River State Governor, Senator Bassey Otu, for his commitment to the banking sector, highlighting the governor’s pledge to allocate land for the construction of a CIBN secretariat in the state and his completion of the Chartered Bankers Programme — a milestone achievement as the first sitting governor to do so.
Representing the governor at the event, Deputy Governor Peter Odey described the conference as timely, given the current global economic challenges. He called for urgent economic diversification in the South South region, leveraging its comparative advantages in agriculture and extractive industries.
He also highlighted key economic initiatives in Cross River State, including the establishment of an agro-processing hub, the expansion of the Cally Air fleet, the ongoing Bakassi Deep Seaport project, and a N18 billion investment in the tourism sector.
Also speaking at the conference, Mr. Tolefe Jibunoh, the Central Bank of Nigeria (CBN) Branch Controller in Cross River State, stated that the region stands at a critical juncture. Represented by Mr. Segun Shittu, Jibunoh noted that strategic economic diversification could unlock new opportunities for sustainable growth.
He assured stakeholders of the CBN’s continued commitment to monetary policies that promote financial stability and long-term development across the South-South region.
