By Erewunmi Peace

The South-South geopolitical zone contributed more than ₦34 trillion, representing over 21% of Nigeria’s real Gross Domestic Product (GDP) in 2024, according to the Chartered Institute of Bankers of Nigeria (CIBN).

The revelation was made during the South-South Zonal Banking & Finance Conference held in Calabar on July 17–18, 2025. Speaking at the event, Prof. Pius Olanrewaju, President and Chairman of the CIBN Council, emphasized the pivotal role the region plays in sustaining Nigeria’s economic growth.

“The South-South zone remains a powerhouse of economic activities, contributing significantly through oil and gas, agriculture, trade, services, and the creative economy,” Prof. Olanrewaju said.

He further cited data from the Cable Index, showing that the region generated approximately ₦34 trillion in 2024, aligning with national targets for regional economic development.

The conference, themed “Repositioning for Competitiveness and Sustainable Growth”, attracted key stakeholders from the banking industry, public sector, and academia, focusing on strategies to harness the economic potential of the region.

Participants emphasized the need for improved infrastructure, investment in digital banking, and financial inclusion, particularly in rural areas, to sustain and expand the region’s economic contribution.

The CIBN pledged continued collaboration with state governments, businesses, and educational institutions to promote financial literacy and economic development across the South-South.