President Bola Tinubu has called on Nigerian banks to step up support for the country's struggling manufacturing sector, digital innovation, and export services, stressing that the financial system must play a central role in his administration's new economic playbook.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu said manufacturing's contribution to GDP remains weak despite recent growth. He urged banks to channel more resources into production, exports, and technology-driven sectors where opportunities lie.
Tinubu, represented by Finance Minister Wale Edun, highlighted reforms such as fuel subsidy removal, FX market liberalisation, and tax harmonisation as policies meant to create a competitive business environment. "Our entrepreneurs can now export services competitively across Africa and beyond," he said.
The president also pointed to the digital revolution sweeping Nigeria, noting that fintechs processed over ₦37 trillion in mobile transactions in Q1 2025 alone. He warned that stablecoins and digital currencies are reshaping finance, urging regulators and banks to track emerging trends early to avoid being left behind.
He added that expanding digital infrastructure, creating clear regulatory frameworks, and promoting digital literacy will lower costs and open new opportunities for SMEs.
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Central Bank Governor, Olayemi Cardoso, announced that diaspora remittances had grown from about $250 million monthly to $600 million, with a target of $1 billion per month in 2026. He credited policy reforms and strong partnerships for the surge.
CIBN President, Prof. Pius Olanrewaju, said Nigeria's banks have raised over ₦2.5 trillion in fresh capital and domestic credit to the private sector now exceeds ₦82 trillion, supporting businesses and job creation. He added that the launch of the National Credit Guarantee Scheme would de-risk SME lending, while agent banking now reaches 40 million Nigerians.
Tinubu stressed that banking, policy, and technology must converge to drive inclusive growth. "What we need is a new, bold, inclusive, and innovative playbook," he said.
