The banking sector in Nigeria has been called upon to finance the ideas of young Nigerians, so that they don’t resort to ecosystems that are outside of their control.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the call at the 2025 Investiture Ceremony of the Chartered Institute of Bankers of Nigeria held at the Wole Soyinka Centre for Culture and Creative Arts in Lagos on Saturday, where he was bestowed with the honorary fellowship of the institute.
Edun also showered encomiums on the CBN under the leadership of Olayemi Cardoso, for monetary policies which he said have helped in stabilising the economy.
“We all know that monetary policy under him (Cardoso) has stabilised the financial system in a most commendable way.
“We recognise and thank his efforts. 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 that we all have to participate in, so we understand those tight monetary policies, ” Edun said.
While referencing on the keynote address delivered by the Chief Executive Officer of Future Africa/ Co-founder, Andela, Dr Iyinoluwa Aboyeji, the minister said, “What we heard from the young man was profound, and I would like us also to go and think about it some more, because he is the future.
“He doesn’t remember and has no knowledge of tally number, what it used to take to get money out of a bank. So we have come a long way.
“But he’s pointing out to us that there is work to be done. Each year, about 400,000 graduates enter the job market. Under our President’s current agenda, growth is accelerating—now well above four—and we look forward to sustaining that progress.
“We have maintained steady reform efforts since May 29, 2023, but what we need now is inclusivity. That inclusivity means creating jobs for our young people.
“No one should have to know someone at the Central Bank or any government office to access banking services or foreign exchange. The market should serve everyone from large corporations to small SMEs.
“They should not have to go all the way to Silicon Valley for opportunities. As bankers, we have done very well and we will continue to do well. Let us remember that if we don’t meet their aspirations, which the president is doing with the rollout of 90,000 kilometres of fibre optic network to help drive digital and virtual growth across the country, they will go to crypto, they will go to virtual and then we will have another problem on our hands.”
