Nigeria's President directs banks to prioritize financing the real economy over profit

President Bola Tinubu and the Chartered Institute of Bankers of Nigeria (CIBN) directed financial institutions to deepen their financing of the real sector. The call occurred at the opening of the 19th Annual Banking and Finance Conference in Abuja. Stakeholders stated that economic reforms must eventually benefit households and businesses. Taiwo Oyedele, Minister of Finance, represented Tinubu during the event. He emphasized that banks must rethink risk management approaches. He argued that focusing solely on profits was no longer sufficient. The President insisted strong bank profits alone could not sustain a resilient system. He highlighted that businesses should access affordable credit to expand. Manufacturers currently struggled with financing for growth. Productive micro, small, and medium enterprises remained outside the formal financial system according to the statement.