President Bola Tinubu said the current phase of his administration’s economic reforms is focused on converting macroeconomic stability into investment, production, jobs and improved living standards.
Tinubu spoke on Tuesday at the 19th annual banking and finance conference in Abuja, themed “Building a Resilient Economy in an Era of Disruption: Strategic Imperatives for the Banking and Financial Services Industry”.
The president, represented by Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the banking and financial services industry would be central to achieving the transformation.
“Stability is the foundation, prosperity is the destination,” the president said.
“The current phase of our reform journey is accelerating the conversion of stability into investment, investment into production, production into jobs, and growth into improved living standards.”
Tinubu said his administration had, over the past three years, undertaken difficult but necessary reforms in the foreign exchange market, public finances, taxation and fiscal management to address structural weaknesses accumulated over decades.
He said the reforms were yielding results, citing the economy’s 4.43 percent growth in the second quarter of 2026, while gross domestic product (GDP) growth in US dollar terms stood at about 17 percent in the first half of the year.
The president said Nigeria remained on track towards its goal of a $1 trillion economy by 2030, adding that its purchasing power GDP had surpassed $2.2 trillion.
He also cited improved external reserves, which have crossed $54 billion, easing inflation, stronger investor confidence and positive outlooks from international rating agencies as signs of progress.
Tinubu said the next phase of the reforms would require a shift in the role of the financial sector from “intermediation to transformation”.
The president said banks must do more than grow their balance sheets and profits by increasing financing to businesses and the productive economy.
“The resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credits,” he said.
Tinubu identified five priorities for building a resilient financial system: growth facilitation, financial inclusion, technology, long-term capital and trust.
On growth, the president said the recent bank recapitalisation must translate into capital formation and increased financing for Nigerian businesses.
He said financial inclusion should go beyond access to bank accounts, with small businesses and young entrepreneurs able to obtain affordable credit based on viable cash flows rather than collateral.
“Artificial intelligence, open banking, digital identity and instant payments are transforming financial services. Our financial sector must help shape these innovations, not merely consume them, but greater digitalisation creates greater vulnerability,” the president added.
Tinubu said Nigeria must deepen its capital markets, pension, insurance and asset management sectors to mobilise long-term domestic and foreign capital for infrastructure, industry, housing and energy.
He also stressed the importance of trust, saying consumer protection and regulatory integrity in financial institutions are essential to financial stability.
The president said his administration is expanding guarantees, risk-sharing, blended finance and credit enhancements through the National Credit Guarantee Company to reduce investment risks and attract private capital.
Also speaking, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the monetary and fiscal reforms responsible for the recent macroeconomic stability were implemented in collaboration with other stakeholders.
The CBN governor, represented by Philip Ikeazor, deputy governor of financial system stability, said Tinubu’s decision to allow the CBN independence to focus on its mandate had supported the reforms.
“The question that remains on everyone’s mind is when will the common man feel the full benefits? That is on its way, because of the same collaboration that I’m talking about,” Cardoso said.
“Some of the reforms being carried out on the fiscal side will begin to manifest very soon.”
The CBN governor also commended banks for their role in the reform process, saying a strong economy cannot thrive without high-performing banks.
