Fund Youth Ideas to Drive Inclusive Growth, Finance Minister Edun Urges Bankers
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigeria’s banking sector to proactively finance the ideas of young Nigerians to prevent them from resorting to “ecosystems that are outside of their control,” such as virtual or crypto spaces.
Edun made this appeal at the 2025 Investiture Ceremony of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he was conferred with an honorary fellowship. During the event, CBN Deputy Governors Ms. Emem Usoro (Corporate Services) and Dr. Bala Bello (Operations) were also honored as Honorary Fellows.
The Minister commended the monetary policies under CBN Governor Olayemi Cardoso, stating they have “stabilised the financial system in a most commendable way” and are crucial in the fight against inflation.
However, Edun stressed that with national economic growth accelerating (now “well above four”), the focus must shift to inclusivity. He emphasized the need to create jobs for the approximately 400,000 graduates entering the job market each year.
He said, “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.”
He warned that if the banking sector fails to meet the aspirations of young people, especially given President Tinubu’s efforts to drive digital growth with the rollout of a 90,000-kilometre fibre optic network, they will gravitate toward platforms like crypto, creating a new problem for the nation.
Echoing the call for modernization, the Group Managing Director of United Bank for Africa (UBA) and Chairman of the Body of Banks’ CEOs, Mr. Oliver Alawuba, noted a significant drop in customer demand for foreign exchange, attributing it to the stability achieved by the CBN and Ministry of Finance.
Alawuba subsequently charged bankers on three critical areas:
* Bridging the Digital Gap with a Human Touch: Ensuring technology is a bridge, not a barrier, and maintaining “trust and service” even with digital interfaces.
* Building Processes of Trust in a Borderless World: Prioritizing safety, cybersecurity, and ethical use of AI to prevent breaches that erode confidence.
* Collaborating as they Compete: Fostering a spirit of collaborative innovation with fellow CEOs, fintech partners, and regulators to build a financial system that is “efficient, competent, and also easier, inclusive, and globally competitive.”
The keynote speaker, Dr. Iyinoluwa Aboyeji (CEO of Future Africa/Co-founder of Andela), urged the financial sector to adopt “Engage Capital”a financing model that actively builds real, long-term value for society.
He challenged the bankers to be the industry that helps young Nigerians “turn their assets into ambition” by funding productivity that offers a path to work that does not involve “crime or politics.”
Meanwhile, Plateau State Governor Caleb Mutfwang, in his goodwill speech, appealed to the Bankers’ Committee and financial institutions to support efforts to boost food production to combat inflation.
Mutfwang highlighted the low average potato yield in Plateau (seven tonnes per hectare versus a global baseline of 40 tonnes) and emphasized that investment in the sub-national effort is critical to increase food security and ensure that macro-level efforts yield the desired results.
