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President Bola Tinubu has said the economic reforms introduced by his administration are beginning to yield results, stressing that the measures were necessary to address structural weaknesses that had hindered Nigeria’s development for decades.
Tinubu spoke at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reforms were aimed at tackling longstanding challenges in the foreign exchange market and public finances, while improving transparency, liberalising key sectors and strengthening fiscal management.
He said the measures had started producing positive outcomes, pointing to the 4.43 per cent growth recorded by the Nigerian economy in the second quarter of 2026.
According to him, economic growth strengthened in the first half of the year, while other indicators were also pointing to an improving economic and investment outlook.
Tinubu, however, cautioned against interpreting the recent improvements as the end of the country’s economic recovery, saying the focus must now shift towards converting macroeconomic stability into investment, production, employment and better living conditions.
“This improvement matters, but we must not mistake what economics is beginning to achieve for the destination,” the President said.
He said the recovery process should ultimately transform stability into investment, investment into production, and production into jobs and improved living standards.
Banks must finance the real economy
Tinubu said the banking and financial services industry had a critical role to play in delivering the administration’s economic transformation agenda.
He urged banks to reassess how they measure their performance, saying emphasis should extend beyond balance sheets and financial health to the impact of financial institutions on the wider economy.
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The President called on banks to increase lending to businesses, manufacturers, farmers and other productive sectors, particularly enterprises that remain outside the formal financial system.
He stressed that having a bank account did not necessarily translate into access to productive finance, urging financial institutions to adopt innovative approaches to credit assessment and consider the potential and cash flows of businesses when making lending decisions.
According to him, Nigeria needs a financial system that finances “potential and opportunities” rather than concentrating largely on low-risk investments.
Tinubu also identified technology and artificial intelligence as key drivers of change in financial services, urging banks to embrace innovation while strengthening cybersecurity measures.
He said cybersecurity had become an important part of financial stability, noting that the financial system must be equipped to protect consumers, businesses and investors as the economy becomes increasingly digital.
The President also called for a gradual rebalancing of the financial system from heavy reliance on government financing towards increased funding of businesses and productive economic activities.
He noted that the relatively attractive returns offered by government securities had, over the years, made lending to the productive sector less attractive to financial institutions.
Tinubu said improving macroeconomic conditions would allow the government to create greater room for private-sector credit and investment. He added that a stronger financial system would ease pressure on government borrowing, support lower inflation and interest rates, and establish a more sustainable cycle of private-sector investment and economic growth.
The President further identified trust as essential to building a resilient financial system, saying financial institutions, borrowers, investors and citizens must have confidence in both the financial system and the institutions responsible for regulating it.
He urged banks to collaborate with government and regulators to strengthen consumer protection, expand financial inclusion and improve Nigeria’s attractiveness to domestic and international investors.
Tinubu said the ultimate measure of the country’s economic and financial reforms would be their ability to deliver inclusive growth, increase productive capacity, create jobs and improve the standard of living of Nigerians.
