Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to play a stronger role in promoting inclusive economic growth and expanding access to capital for small and medium enterprises (SMEs).
Edun made the appeal at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos over the weekend. The event, themed “Banking Beyond Borders: Leveraging Technological Innovation for Enhanced Performance,” brought together industry leaders and policymakers to discuss the future of the financial sector.
Speaking at the ceremony, Edun noted that while Nigeria’s economy is experiencing steady growth, more needs to be done to make it inclusive through job creation and improved access to finance.
“We now have what I would say is Mr. President’s agenda — rapid growth accelerating well above 4 percent, and we expect it to continue,” he said. “We have sustained reform efforts since May 29, 2023, but we need inclusivity, which means creating good-paying jobs for our young people.”
The minister encouraged banks to strengthen support for small businesses and innovative ideas through easier access to credit. “We, the finance and banking industry, have more work to do because we must finance the ideas,” he said. “We must deepen the capital and credit markets down to small SMEs. They should not have to go to Silicon Valley. If we don’t meet their aspirations, they will turn to crypto or virtual platforms, and that will create new challenges.”
Edun also praised the Central Bank of Nigeria (CBN) and its governor, Yemi Cardoso, for stabilising the financial system through disciplined monetary policies, despite the challenge of high interest rates.
“Monetary policy under the CBN governor has stabilised the financial system in a most commendable way,” he said. “We recognise and thank him for his efforts. Though high interest rates impact the fiscal side, the fight against inflation is one that requires everyone’s participation.”
Group Managing Director of the United Bank for Africa (UBA), Oliver Alawuba, also commended Edun and the CBN for their roles in improving Nigeria’s economic outlook. “We are thanking you for the way you have rescued Nigeria’s economy. Today, things are better on the economic side than they were a year ago,” he said.
Alawuba congratulated the 21 honorary fellows, 440 elected fellows, and 225 honorary senior members honoured at the event, describing them as “architects of progress, custodians of integrity, and pioneers whose contributions have shaped our economic landscape.”
He said the event’s theme reflected the financial sector’s current direction and called on industry leaders to focus on three key goals — bridging the digital gap, strengthening trust, and encouraging collaboration.
“Let us bridge the digital gap with a human touch. As we adopt artificial intelligence, blockchain, and open banking, we must ensure that no Nigerian is left behind,” he urged. “At the same time, we must build fortresses of trust in this borderless world. With innovation comes vulnerability, and safety must remain our top priority.”
Alawuba further encouraged collaboration among financial institutions, fintechs, and regulators, stressing that joint efforts are vital to building a Nigerian financial system that is efficient, inclusive, resilient, and globally competitive.
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