Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the country’s banking sector to shift its lending focus from large corporates to young innovators and small businesses. He appealed the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), held in Lagos, Nigeria’s commercial capital.
Addressing senior banking professionals and policymakers, Mr Edun emphasised that inclusive, innovation-driven financing is essential to sustaining Nigeria’s economic recovery and achieving growth beyond four percent. He argued that the traditional model of concentrating credit on large corporations must evolve to support the entrepreneurial energy of 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,” Edun said.
He commended the Central Bank of Nigeria (CBN) for its disciplined monetary policy under the leadership of Governor Olayemi Cardoso, noting that the tight stance has helped stabilise the financial system and curb inflation. Edun acknowledged that high interest rates pose fiscal challenges but insisted that the fight against inflation requires collective effort.
The event also saw the investiture of key CBN officials: Emem Usoro and Dr Bala Bello, Deputy Governors in charge of Corporate Services and Operations, were named Honorary Fellows of the Institute, while Monsurat Modesola Vincent, Director of Strategy and Innovation Management, was conferred as an Honorary Senior Member.
Edun reiterated the Federal Government’s commitment to reforms initiated under President Bola Tinubu since May 2023, highlighting the importance of creating an enabling environment for private sector growth and job creation.
Also speaking at the event, Oliver Alawuba, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, praised the coordinated efforts of the Ministry of Finance and the CBN. He noted that foreign exchange pressures have eased significantly, with banks now proactively offering dollars to customers.
Alawuba urged newly inducted Fellows and Senior Members of CIBN to lead digital transformation, foster trust, and promote collaboration across the banking industry.
