Deposit money banks have been challenged by Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, to increase the availability of loans to small and medium-sized businesses (SMEs). He also praised the Central Bank of Nigeria (CBN) for its monetary policy stabilization efforts. He gave a speech over the weekend in Lagos at the Chartered Institute of Bankers of Nigeria’s (CIBN) 2025 Fellowship Investiture, which was hosted at the Wole Soyinka Centre for Culture and Creative Arts in Iganmu, Lagos. Edun received the Distinguished Honorary Fellows of the CIBN award alongside Ms. Emem Usoro, Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), and Dr. Bala Bello, Deputy Governor, Operations.Monsurat Modesola Vincent, the Director of Strategy and Innovation Management at CBN, received recognition as an Honorary Senior Member. In total, 440 fellows, 225 honorary members, and 19 honorary fellows were among the recipients. The Minister noted that technological innovation has revolutionized banking operations and client access to funds, and he praised the achievements made in stabilizing the financial system. Nonetheless, the Minister said that young people, who make up the ecosystem of SMEs, must have more access to financing. Every year, 400,000 people graduate. Rapid growth that is accelerating above 4 percent, far above 4 percent, is what I would say is our president’s agenda, and we look forward to that continuing.Since May 29, 2023, we have been working on the reforms consistently, and we have not wavered. However, we must be inclusive, and that means giving our youth well-paying work,” he stated. The Federal Government’s strategy to maintain current economic reforms and increase credit availability was restated by the Finance Minister. We are all aware of how admirably Olayemi Cardoso’s monetary policy has stabilized the financial sector. Naturally, it takes a collaborative effort, and the financial side must pay those exorbitant interest rates. However, we must all do our part to combat inflation,” he stated.Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa (UBA), praised the federal government for saving the economy. We are expressing our gratitude to you today for saving the Nigerian economy. The economic situation is better now,” he stated. Alabuba, the Chairman of the Nigerian Bank CEOs’ Association, encouraged the recipients to keep providing trustworthy and honest services. “Let’s work together as we compete and establish trust in a globalized world,” he remarked. Dr. Iyinoluwa Aboyeji, the CEO of Future Africa and co-founder of Andela, who was the guest speaker, suggested that banks help entrepreneurs transform their assets into aspiration.Banks ought to understand how to support young people who have aspirations for society. Choose deals that add value rather than just concentrating on making money,” he advised. He demanded three significant changes to the banking industry. He stated that banks and business owners must work together and that the assessment of assets must shift from collateral to “potential productivity.” “Our industry must learn to finance ambition for society if Nigeria is ever to fulfill her destiny as a top 20 economy with trillions of dollars in GDP,” he said.
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