Expanding Credit Access for SMEs and Economic Growth
The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has called on deposit money banks to increase credit access for small and medium enterprises (SMEs). His remarks were made during the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held at the Wole Soyinka Centre for Culture and Creative Arts in Iganmu, Lagos. The event took place over the weekend and was attended by several key figures in the Nigerian financial sector.
Edun emphasized the importance of expanding financial inclusion, particularly for young people who are a vital part of the SME ecosystem. He noted that there are approximately 400,000 graduates entering the job market each year, and the government is committed to creating good-paying jobs through sustained economic reforms.
A Collaborative Effort for Financial Stability
The Central Bank of Nigeria (CBN) has been praised for its role in stabilizing the monetary policy. Edun highlighted the successful efforts of the CBN under Governor Olayemi Cardoso, acknowledging the collaborative nature of these achievements. He pointed out that while the CBN has played a crucial role in stabilizing the financial system, the fight against inflation requires participation from all sectors of the economy.
During the event, several notable individuals were honored. Ms. Emem Usoro, Deputy Governor of the CBN for Corporate Services, and Dr. Bala Bello, Deputy Governor for Operations, were awarded Distinguished Honorary Fellows of the CIBN. Additionally, Monsurat Modesola Vincent, Director of Strategy and Innovation Management at the CBN, received the title of Honorary Senior Member.
A total of 440 fellows, 225 honorary members, and 19 honorary fellows were recognized at the ceremony. This highlights the growing importance of the banking sector in driving economic development and innovation.
Addressing the Needs of Young Entrepreneurs
Edun also stressed the need to expand access to finance for young people, emphasizing that inclusivity is essential for sustainable economic growth. He mentioned that the government’s agenda includes rapid growth that exceeds 4 percent, and this goal can only be achieved with the support of all stakeholders.
The Federal Government has been working on ongoing economic reforms since May 29, 2023, and has remained committed to these efforts. However, the focus must now shift towards ensuring that young people have the necessary resources to thrive in the business environment.
Lessons from Industry Leaders
Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa (UBA), commended the federal government for its efforts in rescuing the Nigerian economy. He stated that the economic situation has improved significantly, and he encouraged the awardees to continue delivering services with trust and integrity.
Alawuba, who serves as the Chairman of the Body of Bank CEOs in Nigeria, urged the banking community to collaborate and compete effectively in a borderless world. He emphasized the importance of building trust and maintaining high standards of service.
Dr. Iyinoluwa Aboyeji, CEO of Future Africa and Co-Founder of Andela, delivered a compelling speech on the need for banks to support entrepreneurs in turning their ideas into reality. He advised banks to focus on financing ambition rather than just profitability.
Shifting Banking Practices
Aboyeji called for three fundamental shifts in the way banking is conducted. He suggested moving from evaluating assets based on collateral to assessing potential productivity. He also emphasized the need for collaboration between banks and entrepreneurs to drive meaningful change.
He concluded by stating that for Nigeria to achieve its potential as a top 20 economy with a GDP of trillions of dollars, the banking industry must prioritize financing ambition for society. This vision requires a collective effort from all stakeholders in the financial sector.