Says reforms have stabilised the economy but calls for inclusive growth through credit access and job creation.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged financial institutions to expand credit access and strengthen the capital market to support small and medium enterprises (SMEs), describing them as vital to achieving inclusive and sustainable growth.
Edun made the call at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), held in Lagos over the weekend. The event was themed “Banking Beyond Borders: Leveraging Technological Innovation for Enhanced Performance.”
‘We Need Growth That Creates Jobs’
The minister said that while Nigeria’s economy is witnessing steady growth, the government’s focus is now on ensuring that such progress translates into wider inclusion, job creation, and empowerment of young Nigerians.
“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,” Edun said.
“We have sustained reforms since May 29, 2023, and we have stayed the course. But we need inclusivity, growth that delivers good-paying jobs for our young people.”
Edun urged banks to go beyond conventional lending models and channel financing toward innovative ideas and small business development.
“We, the finance and banking industry, have more work to do because we must finance ideas,” he said. “We must deepen the capital market and credit access right down to small SMEs. They shouldn’t have to go to Silicon Valley for funding. If we don’t meet their aspirations, they’ll turn to crypto and virtual platforms and then we’ll have another problem.”
‘Monetary Policy Has Stabilised the Economy’
Edun commended the Central Bank of Nigeria (CBN) and its governor, Yemi Cardoso, for stabilising the financial system despite the challenges of a tight monetary environment.
“Monetary policy under the CBN governor has stabilised the financial system in a most commendable way,” he said. “While those eye-watering interest rates have to be paid by the fiscal side, the fight against inflation is one we must all participate in.”
The minister’s remarks follow a series of fiscal and monetary reforms implemented since 2023 to stabilise the naira, control inflation, and restore investor confidence.
UBA GMD Commends Economic Reforms
Speaking at the event, Oliver Alawuba, Group Managing Director of United Bank for Africa (UBA), praised both the finance ministry and the CBN for their roles in restoring economic stability.
“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,” Alawuba said.
He congratulated the 21 honorary fellows, 440 elected fellows, and 225 honorary senior members honoured by CIBN, describing them as “architects of progress and custodians of integrity.”
‘Bridge the Digital Gap with Human Touch’
Reflecting on the event’s theme, Alawuba urged banking leaders to ensure that digital transformation in the sector remains inclusive, secure, and collaborative.
“Let us bridge the digital gap with a human touch,” he said. “As we leverage artificial intelligence, blockchain, and open banking, we must ensure that no Nigerian is left on the wrong side of the digital divide.”
He also called for stronger collaboration between fintechs, banks, and regulators, saying that “collective effort is key to building a Nigerian financial system that is efficient, profitable, resilient, inclusive, and globally competitive.”
Background
The CIBN fellowship investiture is an annual event that recognises excellence, integrity, and leadership within the Nigerian banking industry. This year’s edition focused on how technological innovation and cross-border integration can drive the sector’s next phase of growth.
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