COMMISSIONER FOR FINANCE LAGOS STATE,HON ABAYOMI OLUYOMI , HIGHLIGHTS NEED FOR HOLISTIC DEVELOPMENT AT CIBN CONFERENCE.
Abuja, Nigeria –News,Sport and Politics
The Honourable Commissioner for Finance, Lagos State, Hon. Abayomi Oluyomi, has emphasized the critical need for continuous dialogue on Nigeria’s economic direction, noting that sustainable national development requires more than just economic growth.
Speaking at the Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), held at the Transcorp Hilton, Abuja, Hon. Oluyomi praised the event as a necessary platform to reflect on what Nigerians must do — and do better — in order to foster long-term economic progress.
“Conferences like this are necessary because we need to keep talking about what Nigerians need to do and improve upon, especially when it comes to the role of financial institutions in national development,” he stated.
The Commissioner applauded the diverse contributions from academia, financial practitioners, and regulators at the event, emphasizing that their collective insights, if properly implemented, could transform the Nigerian economy beyond basic economic expansion.
Hon. Oluyomi challenged participants to understand the fundamental difference between economic growth and development.
“Growth is often measured by the increase in Gross Domestic Product (GDP), but development goes beyond that. Development means every sector of the economy — from education and health to infrastructure — is improving. It's about the overall welfare and wellbeing of the people,” he explained.
Reflecting on Lagos State’s contribution to the national economy, Hon. Oluyomi described Lagos as the "heartbeat of Nigeria", revealing that the state accounts for 33% of Nigeria’s GDP.
He further disclosed that the current value of infrastructure in Lagos exceeds ₦100 trillion, underscoring the scale of investment required to meet the needs of the population.
“First and foremost, we put our policies together for the people of Lagos. The state generates significant revenue, which allows us to deliver the dividends of democracy and invest in infrastructure that supports economic and social development,” he added.
Hon. Oluyomi concluded by reiterating that good governance is fundamentally about the welfare and wellbeing of citizens, and that the Lagos State Government remains committed to policies that drive inclusive development.
The 2025 CIBN Conference brought together leaders across Nigeria’s banking, finance, and academic sectors to discuss strategies for fostering a stable and resilient economy.
