FG Urges Financial Institutions To Drive Investment, Job Creation

The Federal Government has urged banks and other financial institutions to channel more capital into productive enterprises, infrastructure and job creation as Nigeria moves from macroeconomic stability towards inclusive prosperity.

President Bola Ahmed Tinubu made the call in a keynote address delivered on his behalf by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

This was revealed in a statement by the Senior Special Assistant on Communications & Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, Maryann Duke.

The conference was held under the theme, “Building a Resilient Economy in an Era of Disruptions: Strategic Imperatives for the Banking and Financial Services Industry.”

Tinubu said economic resilience must go beyond surviving shocks to building the capacity to adapt, remain productive and emerge stronger.

He said reforms implemented by his administration over the past three years had addressed longstanding distortions in the foreign exchange market and public finances, while improving revenue mobilisation, transparency and fiscal buffers.

According to the President, the reforms had contributed to economic growth of 4.43 per cent in the second quarter of 2026, headline inflation of 15.43 per cent and external reserves exceeding $54 billion.

He also cited the clearance of more than $7 billion in outstanding foreign exchange forwards, Nigeria’s removal from the Financial Action Task Force grey list and improved prospects for investment and capital-market activities.

Tinubu, however, said the gains must result in tangible improvements in the lives of Nigerians.

“Stability is the foundation; prosperity is the destination. The current phase of our reform journey is accelerating the conversion of stability into investment, investment into production, production into jobs, and growth into improved living standards,” he said.

The President identified five priorities for building a resilient financial system, including facilitating economic growth, expanding access to finance, responsibly deploying technology, mobilising long-term capital and strengthening trust across the financial sector.

He urged banks to ensure that the recently concluded recapitalisation exercise translates into increased financing for Nigerian businesses, particularly manufacturers, exporters and Micro, Small and Medium Enterprises.

Tinubu said financial inclusion must go beyond opening bank accounts to ensuring that market women, young entrepreneurs and other productive Nigerians can access affordable working capital based on viable business opportunities.

On technology, he urged the financial sector to play a leading role in shaping developments in artificial intelligence, open banking, digital identity and instant payments, while strengthening cybersecurity, data protection and fraud prevention.

He also called for deeper capital markets and stronger insurance, pension and asset-management sectors to mobilise long-term capital for infrastructure, housing, energy and industrial development.

The President reaffirmed the Federal Government’s commitment to expanding guarantees, risk-sharing arrangements, blended finance and credit-enhancement mechanisms, with the National Credit Guarantee Company expected to play a key role in de-risking productive investments and attracting private capital.

He said improved fiscal discipline would gradually reduce government’s financing pressure, creating more room for private-sector credit while supporting lower inflation, affordable interest rates, increased production and job creation.

Tinubu also urged financial institutions to see Nigerian businesses as potential regional champions that could take advantage of the African Continental Free Trade Area and its market of more than 1.4 billion people.

He assured that the administration would sustain reforms aimed at strengthening macroeconomic stability and investor confidence, while regulators would continue to safeguard the financial system and promote responsible innovation.

The President said the next phase of Nigeria’s development should be measured not simply by the growth of financial institutions, but by the expansion of a larger and more productive economy.

He said capital must reach viable ideas, finance must enable enterprise and technology must expand opportunities in ways that ultimately improve the living standards of Nigerians.