The Chartered Institute of Bankers of Nigeria (CIBN) has said Nigeria’s improving economic indicators will mean little if they do not translate into better living conditions for citizens.
The President and Chairman of Council of the CIBN, Dr Dele Alabi, made the remarks at the institute’s 19th Annual Banking and Finance Conference in Abuja.
Alabi said the success of Nigeria’s economic reforms should be measured by their impact on households and businesses, including lower living costs, more jobs, higher incomes, affordable credit and reduced poverty.
He urged policymakers to focus on ensuring that gains from macroeconomic stability reach ordinary Nigerians and small businesses.
The World Bank also called on Nigerian banks to increase lending to sectors capable of creating jobs, particularly agriculture, manufacturing and micro, small and medium enterprises (MSMEs).
President Bola Tinubu, represented by the Minister of Finance, Taiwo Oyedele, urged banks to rethink their approach to risk and play a greater role in financing productive sectors of the economy.
Tinubu said economic stability should translate into increased investment, production, job creation and improved living standards.
He also stressed that the ongoing bank recapitalisation must lead to greater financing for Nigerian businesses and the wider economy.
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