Sustained Reforms, Inclusive Financing Key To Surpassing 4% Growth – Edun

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the Federal Government’s resolve to sustain ongoing economic reforms and deepen inclusive financing as key drivers to achieving growth above four per cent.

This is as he was invested as an honorary fellow of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos yesterday, alongside the Central Bank of Nigeria (CBN) Deputy Governors, Corporate Services and Operations Directorates, Ms Emem Usoro and Dr Bala Bello, respectively. Also from CBN, Director, Strategy and Innovation Management, CBN, Monsurat Modesola Vincent, was conferred as an Honorary Senior Member.

Speaking at the 2025 Fellowship Investiture, Edun commended the Central Bank of Nigeria (CBN) for its monetary discipline, describing the apex bank’s current tight policy stance as necessary to curb inflation and stabilise the financial system.

He noted that while the reforms have yielded tangible progress since May 29, 2023, inclusive growth remains critical to consolidating the gains of fiscal and monetary adjustments, stressing the need to expand credit access to young entrepreneurs and small businesses.

He said, “We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. We recognise and thank his efforts. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side, but the fight against inflation is one that we all have to participate in, so we understand those tight monetary policies.

“There is work to be done; there are 400,000 graduates every year. We now have what I would say is our President’s agenda, rapid growth is accelerating above four per cent, well above four per cent, and we look forward to continuing. We have sustained effort on the reforms since May 29, 2023. We have stayed the course, but we need inclusivity. That inclusivity means good-paying jobs for our young people.”

Edun charged the financial sector to play a more active role in driving inclusive growth through targeted funding for small businesses and innovations that can unlock new economic opportunities.

“In the finance and banking industry, we have more work to do because we must finance their ideas, we must deepen the capital markets, banking credit markets down to small SMEs. They should not have to go to Silicon Valley,” he said.

Also speaking, the chairman of the Committee of Bank CEOs and group managing director/chief executive officer of United Bank for Africa (UBA) Plc, Mr Oliver Alawuba, commended both the CBN and the Federal Ministry of Finance for their coordinated policy actions that have eased pressure on the foreign exchange market and restored investor confidence.

Alawuba said: “We also thank the Minister of Finance and Coordinating Minister of the Economy, and indeed the Governor of Governors, the CBN governor. We have seen the difference. Thank you for the way you have rescued Nigerians.”

He added that the economy has significantly improved over the past year, particularly in the foreign exchange market. “Today, things are better on the economic side than they were a year ago. As a banker a year ago, if you met a customer, he would ask, ‘Do you have dollars for me?’ Today, if you meet a customer, you would ask him, ‘Do you have any need for dollars at all?’ Thanks to the efforts of the Minister, the Central Bank, and the coordinated economic team,” he said.

Alawuba further urged the newly inducted Fellows and Senior Members of the Institute to champion three key missions — bridging the digital divide, strengthening trust, and fostering collaboration across the financial ecosystem.