Tinubu Urges Banks to Focus on Economic Growth

At the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, President Bola Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, called on Nigerian banks to shift their focus from solely generating profits to actively contributing to economic growth and enhancing the welfare of Nigerians. He stated that while profitability and shareholder returns are important, banks must also consider their impact on the real economy, particularly in providing affordable credit to businesses and supporting micro, small, and medium enterprises (MSMEs).

Tinubu noted that although the economy is stabilizing and investor confidence is rising, macroeconomic stability alone does not equate to prosperity. The CBN Deputy Governor in charge of Policy, Mr. Philip Ikeazor, urged industry operators to leverage available capital to fund real sectors and collaborate with state governments to control inflation.

CIBN President Dr. Dele Alabi emphasized that macroeconomic improvements must translate into better living standards for citizens.