Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged Nigerian banks to increase credit access for young innovators and small businesses, emphasizing that the era of focusing mainly on large corporations must give way to inclusive, innovation-driven financing.
Speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Edun reaffirmed the Federal Government’s commitment to sustaining ongoing economic reforms and broadening access to finance as a catalyst for growth beyond four per cent.
He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the institution’s tight policy stance as a necessary measure to curb inflation, stabilise the financial system, and restore investor confidence.
The event also saw the investiture of CBN Deputy Governors, Ms. Emem Usoro (Corporate Services) and Dr. Bala Bello (Operations), as Honorary Fellows of the CIBN. In addition, the CBN Director of Strategy and Innovation Management, Monsurat Modesola Vincent, was honoured as an Honorary Senior Member.
Edun noted that the reforms introduced under President Bola Tinubu since May 2023 have started yielding tangible results but stressed that inclusive growth remains vital to sustaining the nation’s economic recovery.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
He urged financial institutions to expand credit access to small and medium-sized enterprises (SMEs) and support innovation-driven ventures capable of generating employment opportunities for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” Edun added.
The minister reiterated that the private sector remains the driving force of economic growth, adding that the government’s reform agenda is focused on creating an enabling environment where businesses can thrive, access funding, and contribute significantly to job creation.
