By 𝔸bdulrazak Tomiwa

President Bola Tinubu has asserted that Nigerian banks are now globally competitive, possessing the fundamentals necessary to facilitate international capital.

Speaking at the opening of Zenith Bank UK’s Manchester branch, he highlighted that these institutions have matured into reliable pillars for both domestic and foreign investment.

He described the expansion of Nigerian banks abroad as a vital evolution of the nation’s financial sector. This growth, he noted, positions these institutions to better foster global trade and reflects Nigeria’s rising status as an emerging economic powerhouse on the world stage.

The President emphasized that the banking industry has become more resilient and technologically sophisticated over the years. He stated, “Nigeria’s banking sector has matured significantly. Our banks are now, better capitalised, more technologically advanced, increasingly international in outlook.”

Represented by the Minister of State for Finance, the President explained that government reforms are targeting macroeconomic stability. These initiatives aim to simplify the tax system and improve the investment climate, ensuring the financial ecosystem remains attractive to global investors.

He remarked that Zenith Bank’s presence in Manchester signals immense confidence in the ability of Nigerian banks to compete internationally. Such expansions transition these banks from domestic players into critical global facilitators that connect international resources with local opportunities.

Highlighting Manchester’s role as a vibrant economic hub, Tinubu noted that the new branch would enhance trade financing and cross-border services. This strategic move is expected to bridge the gap between the Nigerian and British economies through improved investment flows.

The President affirmed that Nigeria is “open for business” through both state-level diplomacy and private sector growth. He commended Zenith Bank’s leadership, including Jim Ovia and Dame Adaora Umeoji, for achieving this significant milestone in international banking.