Finance Minister calls for inclusive, innovation-driven banking; hails CBN’s monetary discipline and Tinubu’s reform gains….
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged Nigerian banks to redirect credit towards young innovators and small businesses, saying the nation’s financial sector must move beyond its traditional focus on large corporates to drive inclusive economic growth.
Edun made the call on Saturday in Lagos while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN). He reiterated the Federal Government’s determination to deepen ongoing economic reforms and expand access to finance as part of efforts to push growth beyond the current four per cent trajectory.
Commending the Central Bank of Nigeria (CBN) for its monetary policies under Governor Olayemi Cardoso, the minister described the apex bank’s tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.
“The reforms under President Bola Tinubu are yielding tangible progress,” Edun said. “We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in.”
‘Banks Must Back Innovation’
The minister emphasised that the private sector remains the engine of growth, but stressed that banks must play a greater role in supporting innovation and job creation.
“The finance and banking industry has more work to do,” he said. “We must finance ideas, deepen the capital and credit markets, and channel funding to SMEs. Young entrepreneurs should not have to go to Silicon Valley to find support.”
According to him, inclusive financing that empowers small and medium enterprises (SMEs) is vital to building a resilient and sustainable economy capable of creating opportunities for Nigeria’s youth.
CBN Deputies, Executives Honoured
The investiture also featured the recognition of several top financial sector figures. The CBN’s Deputy Governors in charge of Corporate Services and Operations, Emem Usoro and Bala Bello, were conferred as Distinguished Honorary Fellows of the CIBN.
Additionally, Monsurat Modesola Vincent, CBN’s Director of Strategy and Innovation Management, was honoured as an Honorary Senior Member of the Institute.
Private Sector Leaders Laud Reforms
In his remarks, Chairman of the Committee of Bank CEOs and Group Managing Director/CEO of UBA Plc, Oliver Alawuba, praised the Finance Ministry and the CBN for their coordinated efforts, which he said have helped ease pressure on the foreign exchange market and restore investor confidence.
“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged the newly inducted Fellows and Senior Members of the Institute to champion digital transformation, build trust, and strengthen collaboration across the banking sector.
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