Edun urges bankers to fund youth ideas for economic growth

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the banking sector to finance the ideas of young Nigerians, so that they don’t resort to ecosystems that are outside of their control.

Edun said this 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.

Also, the Deputy Governors in charge of Corporate Services and Operations Directorates of the Central Bank of Nigeria, Ms Emem Usoro and Dr Bala Bello, respectively, were honoured as Honorary Fellows of the CIBN.

The CBN Director, Strategy and Innovation Management, Monsurat Vincent, was also recognised as an honorary Senior Member of the CIBN.

The finance minister also commended the CBN under the leadership of Olayemi Cardoso, for monetary policies which he said have helped in stabilising the economy.

Edun said, “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.”

Referencing 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.”

The Group Managing Director, United Bank for Africa and Chairman of the Body of Banks’ CEO, Mr Oliver Alawuba, in his comments at the Investiture, said that the demand for foreign exchange among customers has dropped significantly due to CBN policies.

“As a banker, a year ago, if you met a customer, he would ask you, ‘Do you have foreign exchange for me?’ Today, if you meet a customer, what he will ask you is, if you ask him, do you have any need for foreign exchange? Thank you. It is all thanks to the efforts that you, the Minister of Finance, and the Central Bank of Nigeria have made,” he said.

Alawuba went on to charge bankers to bridge the digital gap with a human face.

He said, “Number one, let us bridge the digital gap with a human touch. As we leverage artificial intelligence, blockchain, and open marketing to enhance performance, we must ensure that no Nigerian is left on the wrong side of the digital transit. Technology is a bridge, not a barrier.

“Let us innovate with empathy, design for inclusion, and ensure that the heart of banking, which is trust and service, remains human even when the interface is digital. Second, let us build processes of trust in a borderless world.

“With great innovation comes great vulnerability. As our systems grow more interconnected and complex, our collective commitment to safety, cybersecurity, data protection, and ethical use of AI must be unwavering.

“In this era of digital acceleration and seamless business operation, safety must remain our foremost priority, non-negotiable and out of good mind. Every breach of our best model erodes confidence and threatens the very fabric of progress.

“Third, let us collaborate as we compete. The boundaries we must break next are not just technological, but also territorial and corporate. The future belongs to ecosystems, not just institutions. I call upon my fellow CEOs here, our fintech partners and regulators, to foster a spirit of collaborative innovation.

“Together, we can build a financial system for Nigeria that is not only efficient, but competent, and also easier, inclusive, and globally competitive.”

Aboyeji, in his keynote address, urged bankers, investors, and policymakers to adopt what he called ‘Engage Capital’ — financing that actively participates in building real, long-term value for society.

He argued that Nigeria must finance ambition for society, especially among young entrepreneurs, using technology such as AI, blockchain, and digital infrastructure to unlock inclusion and national productivity.

He said, “We live in a society where we have a lot of capital but very little conviction. We live in a society where there’s a ton of balance sheets but no real backbone. And we live in a society where people have aspirations but no path to fulfilling their ambitions.

“Engage Capital is what happens when all of us in this room, banks, investors, policy makers, and entrepreneurs, decide that finance must first serve the real economy. That every loan, every guarantee, every fund that we deploy must touch real people doing real work and real progress, and not just declared profits.

“I often find myself reflecting on our new national anthem, on one specific line to hand on to our children a banner without stain. I see that as a major challenge.

“As a country, our banking industry can be remembered as the industry that helps Nigerians, particularly young Nigerians, turn their assets into ambition by funding productivity that actually gives young adults a pathway to work that doesn’t involve crime or politics.

“We can finance ventures that empower people and enable generations to build value. This generation of bankers has an opportunity to be remembered.”

The Plateau State Governor, Caleb Mutfwang, in his goodwill speech, appealed to the Bankers’ Committee and financial institutions to support efforts aimed at boosting food production and reducing inflation in the country.

He said, “What I would like to leave with you is a strong advocacy for the productive sector, particularly agriculture. There is no two ways about it. Sometimes, when I hear the experiences of other countries, I keep wondering what they’ve been doing.

“Recently, I was in the Netherlands, where I went for consultations to see how we can improve the production of what you know as Irish potatoes. From now on, we have decided to call it Plateau Potatoes.

“It would interest you to know that for close to 60 years that we have been producing potatoes, we have done an average of seven tonnes per hectare, while the global baseline is 40 tonnes per hectare.

“This is the problem. If you check any food crop, we have yet to meet national food security. It therefore means that beyond some of the experiences of the past, I am not asking us to promote the profligacy of the past, where we came up with many schemes that were only conduits for fraud.

“I can attest to you that this current set of governors is perhaps one of the most determined to change the lives of our people. If you invest in the sub-national effort, we are going to see an increase in food production. We must be deliberate about food production.

“I believe that while inflation can affect other sectors of the economy, and it may not matter so much, when there is inflation in food, then we have a national crisis on our hands. I would therefore want the Bankers’ Committee, together with the Ministry of Finance and the CBN, to put heads together and see how we can refinance our people. Without that, many of the efforts at the macro level may not yield the desired result.”