Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged banks to strengthen their support for inclusive growth by expanding access to credit and deepening the capital market for small and medium enterprises (SMEs).
Speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held over the weekend in Lagos, themed “Banking Beyond Borders: Leveraging Technological Innovation for Enhanced Performance,” Edun emphasised the critical role of the banking sector in driving innovation, job creation, and sustainable economic development.
The minister noted that while the economy has been recording steady growth, more effort is needed to ensure that prosperity translates into broad-based inclusion.
“We now have what I would call Mr. President’s agenda—rapid growth accelerating well above 4 percent—and we expect it to continue,” Edun said. “We have sustained the reform efforts since May 29, 2023, and we have stayed the course. But we need inclusivity—and that means good-paying jobs for our young people.”
Edun challenged financial institutions to play a more proactive role in financing innovation and small business development, stressing that SMEs remain the engine of job creation and national competitiveness.
“We in the finance and banking industry have more work to do because we must finance ideas,” he said. “We must deepen the capital market and expand credit access all the way down to small SMEs. They should not have to go to Silicon Valley. If we don’t meet their aspirations, they will turn to crypto or virtual platforms—and then we’ll have another issue.”
The minister also commended the Central Bank of Nigeria (CBN) and its governor, Yemi Cardoso, for implementing monetary policies that have helped stabilise the financial system despite prevailing economic headwinds.
“Monetary policy under the CBN governor has stabilised the financial system in a most commendable way,” Edun said. “We recognise him and thank him for his efforts. Of course, it’s a team effort—and while those eye-watering interest rates have to be managed by the fiscal side, the fight against inflation is one we must all be part of.”
Edun reaffirmed the government’s commitment to sustaining reforms aimed at achieving high and inclusive growth, with particular emphasis on improving access to finance, empowering young entrepreneurs, and maintaining macroeconomic stability.
