Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged Nigerian banks to shift lending focus from large corporations to young innovators and small businesses, describing inclusive, innovation-driven financing as vital for achieving broad-based economic growth.
Edun, who spoke at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, reaffirmed the Federal Government’s commitment to deepening ongoing reforms and expanding access to finance as key pillars for sustaining growth beyond four per cent.
Commending the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso for maintaining monetary discipline, the minister said the tight policy stance was necessary to curb inflation, stabilise the financial system, and restore investor confidence.
He emphasised that banks must expand credit to support innovation-driven enterprises capable of generating jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
Edun also highlighted progress recorded under President Bola Tinubu’s administration since May 2023, noting that inclusive growth remained central to sustaining recovery.
“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,” he added.
At the event, CBN Deputy Governors Emem Usoro and Dr. Bala Bello were conferred with Honorary Fellowships of the Institute, while Monsurat Modesola Vincent, Director of Strategy and Innovation Management at the CBN, was inducted as an Honorary Senior Member.
Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba, commended the Ministry of Finance and the CBN for coordinated policies that have eased pressure on the foreign exchange market and revived 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,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and foster collaboration within the banking sector.
