Tinubu charges bankers, others to embrace reforms, as FDI rebounds by $2.8b in H1 2025

WorldStage– President Bola Tinubu of Nigeria has called on bankers, stakeholders, investors to embrace the new economic reforms to build agile, inclusive, and accountable institutions.

This is coming as he said Foreign Direct Investments (FDI) inflows rebounded $2.8 billion dollars (H1) half of the year 2025.

Tinubu said this at the 18th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Conference in Abuja on Tuesday.

The President, represented by Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said that recent government reforms had provided credibility and transmitted policies into incentives and scaling inclusion.

He listed the reforms to include forex unification, fuel subsidy removal, tax reforms, and infrastructure financing among others.

Tinubu said the reforms had contributed to the growth of the non-oil revenue collection to 40.5 per cent Year-on-Year (YoY) between January and August.

He said the reforms had also improved public sustainability debt to Gross Domestic Product (GDP) by 37 per cent.

According to him, inclusion really means quality jobs, attractive jobs, particularly for our young men.

”In today’s rapidly changing environment, it is nations that innovate, reforms, collaborate, that will thrive and this is the path that Nigeria is firmly committed to,” he said.

On technology, he said there was the need for stakeholders to adopt technology and use it as a equaliser not a divider.

Sen. Mikhail Adetokunbo, the Chairman, Senate Committee on Banking, Insurance and other Institutions, said the theme of the conference was timely as it reflected current realities in the country.

Adetokunbo said the National Assembly would continue to provide robust legislative framework that would support innovation.

”Embrace innovation without compromising stability,” he said.

Dr Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor said the bank was targeting a diasporan reserve of one billion dollars by 2026.

Cardoso said the diaspora reserve currently stood at 600 million dollars.

He said the CBN had prepared the framework and done everything required to enable them meet the target by 2026.

According to him, now it is over to the banks to make this happen.

”I want to commend all the banks that are driving this including Zenith, Access, Fidelity, all of them because they are many.

”I am taking a special interest in this thing and I want that to continue because it speaks volumes and makes a huge difference on how our peoplein the diaspora see us,” he said.

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Oludare Sunday, said the Corporation would continue to support innovations in the financial ecosystem.

Sunday, represented by Mr Wale Sule, the Director, Claims Resolution of the Corporation, said NDIC was poised at ensuring that no bank depositors were left out in its claims settlement.

Mr Oliver Alawuba, the Chairman, Body of Banks Chief Executive Officers (CEOs), said the country stood at a defining moment in history where economic realities were being reshaped by digital disruption, dynamic policies and a new wave of innovation.

Alawuba, represented by Dr Roosevelt Ogbonna, the CEO of Access Bank, said the future of banking would no longer be defined by size and legacy, but by agility, trust and our ability to leverage technology in line with sound policy improvements.

”We see banking as the vehicle through which the real economy can grow and make an impact on SMEs, on the corporations and everyday citizens.

”We are drivers tasked with navigating this complex intersection, ensuring the journey is smooth, secure and beneficial for all.

”As the chairman of the body of bank CEOs, I can assure you that the banking industry remains committed to working together with policy makers, our technology partners, to design solutions that are inclusive, competitive and globally benchmarked,” he said.

In a keynote speech, Sumaila Zubairu, the Chief Executive Officer of the Africa Finance Corporation, said the country must design an economic playbook that defined her strength and addresses its challenges.

Prof. Pius Olarewaju,the President, Chartered Institute of Bankers of Nigeria (CIBN), said that banking and finance remained the engine of growth of the economy, the channel through which savings were turned into investments, and capital flows to households, businesses, and governments.

Olarewaju said that technology was an  accelerator and driver of innovation and change, determining how far and fast the society could go.

”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,” he said.

The  two-day conference attracted Banks’s CEOs and other finance experts from across the country.