President Tinubu tells Nigerian banks to move from intermediation to financing production and jobs
Nigerian President Bola Tinubu urged the banking sector to shift focus from funding government debt to creating businesses, production, and employment.
President Bola Tinubu challenged Nigeria's banks to stop viewing their success only through balance-sheet growth and profitability. Speaking at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria, the leader argued that macroeconomic stability must now translate into tangible economic gains. He urged financial institutions to move from traditional intermediation to transformation by providing affordable credit to businesses and productive sectors. The President emphasized that the next phase of reform requires converting stability into investment, investment into production, and production into jobs. Minister of Finance Taiwo Oyedele represented the President during the address. Tinubu stated that while recent reforms have restored stability and boosted investor confidence, the ultimate goal is improved living standards for citizens. He insisted that banking performance should no longer be assessed solely by shareholder returns but by its ability to drive investment and job creation across the economy.
