Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged Nigerian banks to prioritise lending to young innovators and small businesses, rather than limiting credit to established corporates.
Edun, who spoke at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, said inclusive, innovation-driven financing is essential for sustainable economic growth and job creation.
He reiterated the Federal Government’s resolve to deepen ongoing economic reforms and expand access to finance, expressing optimism that these measures would push growth beyond the current four per cent mark.
The minister also commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its present leadership, noting that its firm policy stance remains crucial to tackling inflation, stabilising the financial sector, and restoring investor confidence.
The event also featured the investiture of the CBN Deputy Governors in charge of Corporate Services and Operations, Ms. Emem Usoro and Dr. Bala Bello were distinguished Honorary Fellows of the CIBN, while Monsurat Modesola Vincent, CBN Director of Strategy and Innovation Management, was conferred as an Honorary Senior Member.
Edun noted that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.
“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,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create 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 do not have to go to Silicon Valley,” he said.
Edun, who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Also speaking, 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 CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored 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.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust and promote collaboration within the banking industry.