… Tinubu urges banks, regulators to deepen reforms, drive inclusive digital growth
Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN), on Tuesday, urged Nigerian banks to intensify support for the apex bank’s efforts to grow diaspora remittances to $1 billion monthly, describing the inflows as a strategic lever for foreign exchange stability and broader economic transformation.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Cardoso said Nigeria had made significant progress, with monthly diaspora remittance inflows rising from $250 million to $600 million.
“When we started that journey, we were at 250 million U.S. dollars per month. And we said we would double that to $500 million. And now, we are $600 million,” he said, addressing an audience of industry leaders, regulators, and policymakers.
He credited the improvement to collaborative international outreach missions, where Nigerian banks worked closely with the CBN to engage diaspora communities. He however, made it clear that meeting the $1 billion target by 2026 would now depend on the commercial banks.
“By next year, our projection will be a billion dollars a month. We at the Central Bank, as far as we are concerned, we have done all the things to enable that to happen. And now, it is over to the House,” he said, referring to the banking industry.
Cardoso commended the CIBN for its consistency in convening strategic dialogue, describing the event as a key platform for aligning on reforms to stabilise the economy and build investor confidence.
Speaking at the event, President Bola Tinubu called on stakeholders to help deepen reforms and adopt digital innovation as part of a broader “new economic playbook” aimed at delivering inclusive growth.
“With global liquidity tightening and aid flows declining, we must increasingly rely on our own resources”, President Tinubu noted in a speech delivered on his behalf by Wale Edun, minister of finance and coordinating minister of the economy.
“Households need reliable public exchange access, affordable credit, and quality jobs. Reforms give us credibility — but we must now translate that into real incentives and scaled inclusion,” he said.
President Tinubu also warned that the growing use of digital currencies and stablecoins was bypassing traditional institutions and urged regulators to be proactive.
“There is a digital revolution underway. Many are bypassing banks to make payments — they’ve turned to stablecoins and digital currencies. Authorities must get hold of this narrative while it is still evolving,” he stated.
He added that the banking sector “must go from resilience to reinvention” if it is to meet the demands of a rapidly changing economy.
The president also praised the recent passage of four Tax Reform Bills, which will consolidate over 100 tax-collecting agencies into a streamlined Nigeria Revenue Service by January 2026. The reforms, he noted, would be supported by artificial intelligence and data-driven tools that now give the government full visibility into its finances for the first time.
Pius Deji Olanrewaju, CIBN President and Chairman of Council, opened the conference with a report on the financial sector’s progress over the past year — especially around capital adequacy, credit expansion, and institutional reform.
“Since 2024, 16 listed banks have raised more than ₦2.5 trillion in fresh capital to strengthen their balance sheets,” Olanrewaju said, adding that the move has been instrumental in boosting credit access and ensuring financial system stability.
According to him, net domestic credit to the private sector has exceeded ₦82 trillion this year — a signal that the banking sector is deepening its role in supporting businesses, job creation, and inclusive growth.
Olanrewaju also highlighted the success of key policy reforms since 2023, including the unification of multiple exchange rates, restoration of fiscal discipline, and easing inflation, eventhough he acknowledged the mixed impact on citizens.
“For some, [the reforms] are seen through the lens of immediate hardship, for others, through the promise of longer-term stability,” he said.
The conference, themed “The New Economic Playbook: The Intersection of Banking, Policy, and Technology,” aims to align public and private sector stakeholders around bold, practical strategies for Nigeria’s next phase of development.
“Our task is to curate a new playbook, one that turns bold ideas into bankable realities, strengthens partnerships across public and private sectors, and channels innovation to unlock inclusive growth for Nigeria and Africa,” Olanrewaju said.
He reported that the total assets of the banking sector rose to ₦170.02 trillion in 2024 — a 39.6% increase from ₦121.8 trillion in 2023. Nigeria’s fintech ecosystem, he added, attracted more than $1.2 billion in funding between 2019 and 2023.
“Banking and Finance remain the engine of growth of our economy,” Olanrewaju stated. “Without a strong and innovative banking and finance sector, our economy cannot grow fast enough to lift millions out of poverty and achieve shared prosperity.”
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