Banks’ N120bn Tech Investment Targets Economic Resilience – Alawuba

The Body of Bank Chief Executive Officers (CEOs) has said the N120 billion invested by four financial institutions in infrastructure and technology in the first quarter of 2026 is aimed at building a more resilient economy.

Mr Oliver Alawuba, Chairman, Body of Bank CEOs, said this at the 19th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Conference in Abuja on Tuesday.

Alawuba said a resilient economy was one designed to adapt to shocks without transferring them to vulnerable citizens, noting that the investments were structured with this principle in mind.

He said the funds committed by the banks were intended to improve the sector’s capacity to absorb economic shocks while continuing to support the real sector.

Alawuba added that part of the resilience-building strategy involved converting the investments into affordable credit for Micro, Small and Medium-scale Enterprises (MSMEs), which he described as critical to shielding ordinary citizens from economic disruptions.

He commended the Federal Government and the Central Bank of Nigeria (CBN) for their commitment to economic stability, saying this had complemented the banks’ own resilience efforts.

The chairman said the recent banking sector recapitalisation had further strengthened banks’ capacity to support economic growth and absorb shocks.

He, however, called for stronger fiscal and monetary synergy to unlock productivity in the industry, saying this was necessary to sustain the resilience the sector was working to build.