Nigeria’s economic trajectory is gaining momentum, but key stakeholders are being urged to do more to ensure that this growth benefits the nation’s youthful population and burgeoning entrepreneurs. During the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the critical role of financial institutions in fostering a more inclusive economy.
Driving Growth Through Greater Lending Support
Addressing an audience of banking professionals, government officials, and industry leaders, Mr. Edun highlighted that Nigeria’s rapid economic expansion—registering over 4% growth—must translate into tangible opportunities for young Nigerians entering the workforce each year. With approximately 400,000 graduates produced annually, the nation faces a pressing need to create good-paying jobs and empower youth through accessible financing.
“While Nigeria’s banking and financial sectors have made commendable progress, the real challenge lies in extending credit and opportunities to our young entrepreneurs,” Edun stated. “Our vision of inclusive growth cannot be realized unless we actively support innovations and startups at the grassroots level. We must foster a financial environment where local entrepreneurs don’t have to look overseas to fund their ideas.”
**Reforms and Opportunities in the Financial Ecosystem**
Mr. Edun acknowledged the strides made by the Central Bank of Nigeria (CBN), especially under Governor Yemi Cardoso, in stabilizing the economy through prudent monetary policies. These measures have stabilized inflation and created a more predictable environment for investment. However, he underscored that more targeted efforts are required to deepen credit access for small-scale innovators and SMEs.
“Now more than ever, banks need to see themselves as catalysts for change,” he said. “We must leverage our capital markets, increase lending capacity, and build a finance framework that empowers entrepreneurs from all regions of Nigeria—so they don’t have to seek funding in distant lands like Silicon Valley.”
**Recognitions and Public-Private Collaboration**
During the event, Edun was among 22 distinguished personalities invested as Honorary Fellows of the CIBN, a recognition of leadership and contribution to Nigeria’s financial development. The occasion also saw Lagos State’s representative, Mr. Abayomi Oluyomi, pledge the state’s continued partnership with the Institute to uphold integrity and ethical standards across the financial sector.
**Harnessing Technology and Restoring Global Confidence**
Professor Pius Olanrewaju, President of the CIBN, delivered the keynote address, emphasizing the transformative power of technology in banking. He noted that Nigerian banks have evolved into digital giants, with mobile and Point-of-Sale (PoS) transactions soaring by over 200% in a single year, significantly advancing financial inclusion and operational resilience.
He also celebrated Nigeria’s recent removal from the FATF grey list, describing it as a vital step toward restoring international confidence, boosting trade, and attracting foreign investment. These milestones position Nigeria’s banking industry as a vital engine for sustainable national growth and regional influence.
**Looking Ahead**
Nigeria’s economic future hinges on the banking sector’s ability to support innovation, foster inclusive access to finance, and harness digital advancements. By prioritizing the needs of young entrepreneurs and small businesses, Nigeria can accelerate its journey toward a diversified, resilient, and globally competitive economy.
