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Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, on Saturday 26th October, delivered a keynote address at Nigeria’s first e-business fair, organised by Connectnigeria.com. The CBN Governor’s address, titled “Importance of a Cashless Society to Economic Growth and Development in Nigeria”, was aimed at fostering the on-going policy of the apex bank with regard to reducing the amount of banknotes in circulation.

Connect Nigeria e-business fair seminar Eko Hotel — Cross section of attendees at the e-business fair seminar

Mallam Sanusi, represented by a deputy director of the bank, Mr. Olusuyi Adaramewa, noted that the channels that aid electronic payments and transactions are now in place, hence the success of the policy. He noted further; “The cashless initiative of the CBN is a catalyst to the promotion of electronic payments in the country as all the drivers and the electronic channels in the cashless projects play important role in ensuring a safe and efficient payment system.” “If all stakeholders (government, corporations and individuals) adopt electronic payment in the country, the Nigerian economy would certainly be amongst the world’s developed economies by 2020.”

Mr. Emeka Okafor, Managing Director of Connectnigeria.com and host of the business fair, noted that the African continent is the last frontier for global economic investment, and Nigeria is at a vantage point in this regard. “Nigeria is a dynamic nation for many reasons. One of these is that it is a land of abundant opportunities. The exponential growth of information and communication technology, coupled with developments in the financial sector, has leveraged the potential for greatness. It is a delight to see many entrepreneurs taking advantage of the opportunities that abound” “When one studies the economic structure and history of a developed nation like the United States, one would notice that the small and medium businesses that employ two, three, or as much as sixty workers are responsible for the country’s economic success to a large extent. The US economy was built on the back of SMEs. When you employ one or two persons, it has a multiplier effect. That person who has just been taken out of unemployment would be able to provide better healthcare, housing and education for his family members and this goes on like a chain reaction.”

“At Connectnigeria.com, we understand just how important SMEs are, which is the prime reason we established a portal aimed at promoting the growth of the sector and the reason we created a platform as the e-business fair to increase awareness and knowledge on electronic commerce.” The 2013 e-Business Fair, which was themed “e-Business and the Growth of Your Enterprise”, attracted over two thousand visitors to the Orchid Hall, Eko Hotel & Suites where it held.