The Minister of Finance and Coordinating Minister of the Economy Wale Edun has encouraged Nigerian banks to expand their lending beyond large companies by offering more financial support to young innovators and small businesses.
He said banks must begin to prioritise innovation and entrepreneurship as part of efforts to build a more inclusive and prosperous economy.
Speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria in Lagos, Edun reaffirmed the Federal Government’s commitment to driving growth through market friendly reforms and improved access to funding. He explained that expanding financial support for small businesses would help the economy grow at a faster pace. According to him, “The finance and banking industry has more work to do because we must finance their ideas and deepen the capital and credit markets down to small businesses. They should not have to go to Silicon Valley.”
Edun applauded the Central Bank’s monetary policies aimed at stabilising the financial system and addressing inflation, noting that fiscal and monetary authorities must continue to work together. He said, “We all know that monetary policy under the current leadership has stabilised the financial system in a commendable way. But the fight against inflation is one we all must participate in.”
The Minister emphasised that innovation and private sector growth remain key to creating sustainable jobs, especially for Nigeria’s young population. He stated that the government’s reform agenda is designed to make the business environment more supportive for entrepreneurs and investors, adding that a stronger private sector will accelerate job creation.
The event also witnessed the formal recognition of senior figures in the banking sector for their contribution to the industry. Some officials of the Central Bank of Nigeria were honoured, including the Deputy Governors responsible for Corporate Services and Operations, as well as the Director of Strategy and Innovation Management, who received fellowship and senior membership awards.
Meanwhile, the Chairman of the Committee of Bank Chief Executives Oliver Alawuba commended the collaboration between the government and the Central Bank which he said has helped restore confidence in the financial markets. He noted that the interventions have improved access to foreign exchange for customers and strengthened the banking sector.
