…CBN's Usoro, Bello awarded CIBN Honorary Fellowship
Minister of Finance and Coordinating Minister of Economy, Wale Edun, has urged banks and other financial institutions to deepen credit access for small and medium enterprises (SMEs) as part of efforts to strengthen Nigeria’s economic growth and promote inclusivity.
Speaking at the 2025 Fellowship Investment of the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos at the weekend, Edun said the banking and finance sector should do more to ensure that small businesses can access funding locally rather than seeking support abroad.
Edun said the financial sector has made significant progress, but more needs to be done to democratize access to credit and strengthen capital markets. He said, “As a finance and banking industry, we have to do more because we have to finance their ideas. We have to deepen the capital markets, banking loan markets to small SMEs. They should not go to Silicon Valley. As bankers, we have done a very good job, but there is still a long way to go.”
He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under the current leadership and described the ongoing tight monetary policy as necessary to curb inflation, stabilize the financial system and restore investor confidence. He said collaborative efforts between fiscal and monetary authorities have been important in supporting the economic recovery, even as the government pursues reforms.
Edun said, “We all know that the monetary policy under him has stabilized the financial system in the most admirable way. We recognize and thank his efforts. Of course, it is a team effort, and those eye-watering interest rates have to be paid for on the fiscal side. But the fight against inflation is a fight in which we all have to participate, so we understand those tight monetary policies.”
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He reflected on the advances made in Nigeria's financial system and said technological innovation has transformed banking operations and customers' access to money. He said that although the banking system has developed significantly, more efforts should be made to create jobs and expand opportunities for the youth. “There are 400,000 graduates every year. What we will say now is our President's agenda, rapid growth that is growing at 4 per cent, above 4 per cent and we look forward to continuing that. We have made sustained efforts on reforms since May 29, 2023, and we have stayed the course. But we need inclusivity, and that inclusivity means good-paying jobs for our youth,” he said.
At the ceremony, CBN Deputy Governor Emem Usoro in charge of Corporate Services and CBN Deputy Governor Bala Bello in charge of Operations were awarded the CIBN Distinguished Honorary Fellowship, while CBN Director of Strategy and Innovation Management Monsurat Modesola Vincent was recognized as an Honorary Senior Member of the Institute.
Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the Minister of Finance and the CBN Governor for the visible progress in stabilizing the economy and improving foreign exchange liquidity. “We thank the Finance Minister and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” he said.
Alawuba urged the newly inducted Fellows and Senior Members of the Institute to promote digital transformation, strengthen trust and foster collaboration within the banking industry to sustain the positive momentum in the financial sector.
