President Bola Tinubu has asked Nigerian banks to strengthen support for small businesses, manufacturing, exports, and digital innovation as part of his administration’s new economic direction.
Call for sector financing
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu said the financial system must play a central role in economic recovery. He noted that manufacturing’s contribution to gross domestic product remains weak and urged banks to channel more funding into production, exports, and technology-driven ventures.
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Tinubu, represented by the Minister of Finance, Wale Edun, linked his reforms — including fuel subsidy removal, foreign exchange market liberalisation, and tax harmonisation — to creating a more competitive business environment. “Our entrepreneurs can now export services competitively across Africa and beyond,” he said.
Digital transformation
The president highlighted the growth of digital finance, with fintechs processing more than ₦37 trillion in mobile transactions in the first quarter of 2025. He warned that new technologies such as stablecoins and digital currencies are reshaping the financial system and called on regulators and banks to act early. According to him, investment in digital infrastructure, clear rules, and digital literacy will cut costs and expand opportunities for small businesses.
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Remittances and credit growth
Central Bank Governor, Olayemi Cardoso, reported that diaspora remittances had increased from $250 million monthly to $600 million, with a target of $1 billion per month by 2026. He said reforms and partnerships were driving this growth.
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CIBN President, Prof. Pius Olanrewaju, added that banks had raised more than ₦2.5 trillion in fresh capital. He noted that domestic credit to the private sector now exceeds ₦82 trillion, supported by measures such as the National Credit Guarantee Scheme and the expansion of agent banking to 40 million Nigerians.
Tinubu said banking, policy, and technology must align to drive inclusive growth. “What we need is a new, bold, inclusive, and innovative playbook,” he said.
