The Chartered Institute of Bankers of Nigeria (CIBN) has announced that the South-South region contributed a substantial N34 trillion to Nigeria’s economy in 2024, accounting for over 21 per cent of the country’s real GDP.

President of the Institute, Prof. Pius Olanrewaju, disclosed this on Thursday at the South-South Zonal Banking and Finance Conference in Calabar, citing data from the Cable Data Index.

He noted that the economic growth was driven not only by oil but also by expansions in trade, services, and the creative industries.

“To fully harness this potential, there must be coordinated financial, technological, and policy support,” Olanrewaju said. “The financial system must serve as more than a capital source; it must drive innovation, ideas incubation, and inclusive growth.”

He challenged stakeholders to rethink the region’s economy beyond being merely a resource belt and praised Cross River State Governor, Senator Bassey Otu, for pledging land for a CIBN secretariat in the state and for completing the Chartered Bankers Programme, a first for a sitting governor.

The governor, represented by his deputy, Mr. Peter Odey, stated that the conference was timely, given the current global economic volatility. He emphasised that the South-South must urgently diversify its economy by leveraging its agricultural and extractive strengths.

He highlighted Cross River’s progress, including the establishment of an agro-processing hub, expansion of Cally Air’s fleet, the ongoing Bakassi Deep Seaport project, and a N18 billion investment in tourism.

Also, Mr. Tolefe Jibunoh, CBN Branch Controller in Cross River, stated that the region is at a crossroads and could unlock growth opportunities through strategic diversification.

Represented by Mr. Segun Shittu, Jibunoh assured that the CBN remains committed to maintaining monetary policies that foster financial stability and long-term development in the region.