President Bola Tinubu says the next phase of his administration’s economic reforms will focus on converting macroeconomic stability into increased investment, production, job creation and improved living standards.
Gatekeepers News reports that 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, who was represented by Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the banking and financial services industry would play a critical role in delivering the desired economic transformation.
“Stability is the foundation, prosperity is the destination,” Tinubu 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.”
The president said his administration had spent the past three years implementing difficult but necessary reforms in the foreign exchange market, public finances, taxation and fiscal management to address structural weaknesses that had accumulated over decades.
According to Tinubu, the reforms are beginning to produce measurable results, with the economy recording 4.43 percent growth in the second quarter of 2026.
He added that gross domestic product (GDP) growth in US dollar terms stood at about 17 percent in the first half of the year.
Tinubu said Nigeria remained on course to achieve its target of becoming a $1 trillion economy by 2030, noting that the country’s purchasing power GDP had already exceeded $2.2 trillion.
He also cited rising external reserves, which have crossed $54 billion, easing inflation, stronger investor confidence and positive outlooks from international rating agencies as further indications of economic progress.
The president said the next stage of the reform programme would require the financial sector to move from “intermediation to transformation” by playing a more active role in financing productive economic activity.
He urged banks to look beyond growing balance sheets and profits and instead increase financing for businesses and the productive sector.
“The resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credits,” he said.
Five priorities for financial sector
Tinubu identified five priorities for building a more resilient financial system: growth facilitation, financial inclusion, technology, long-term capital and trust.
On economic growth, he said the recent bank recapitalisation must translate into greater capital formation and increased financing for Nigerian businesses.
He said financial inclusion should also go beyond simply providing access to bank accounts, stressing that small businesses and young entrepreneurs should be able to access 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,” he said.
The president said Nigeria must deepen its capital markets, pension, insurance and asset management sectors to mobilise long-term domestic and foreign capital for infrastructure, manufacturing, housing and energy.
He also stressed the importance of trust in the financial system, saying strong consumer protection and regulatory integrity were essential to maintaining financial stability.
Tinubu said the government was expanding guarantees, risk-sharing mechanisms, blended finance and credit enhancements through the National Credit Guarantee Company to reduce investment risks and attract more private capital.
‘Common man will soon feel benefits of reforms’
Also speaking at the conference, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the monetary and fiscal reforms that have contributed to recent macroeconomic stability were implemented through collaboration among key stakeholders.
Cardoso, who was represented by Philip Ikeazor, deputy governor, Financial System Stability Directorate, said President Tinubu’s decision to allow the CBN greater independence in carrying out its mandate had supported the reform process.
“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 Nigerian banks for their role in supporting the reform process, saying a strong economy could not be sustained without a strong and high-performing banking sector.
