Tinubu Calls on Banks to Drive Manufacturing Growth, Commends CBN Over Forex Stability as Diaspora Inflows Near $1bn
Story: written by Okafor Joseph September 10,2025
President Bola Tinubu has urged Nigerian banks to step up their support for the nation’s manufacturing sector, stressing that stronger financial backing is crucial for boosting industrial output and job creation.
Speaking at the 18th Annual Banking and Finance Conference in Abuja, Tinubu—represented by Finance Minister and Coordinating Minister of the Economy, Wale Edun—said recent economic reforms had created new opportunities that must be harnessed to strengthen production and exports.
He noted that despite modest growth in Nigeria’s rebased Gross Domestic Product (GDP), manufacturing contributed just 9.62% in the first quarter of 2025, underscoring the need for increased investment.
The president praised Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, for stabilising the foreign exchange market and shoring up reserves to about $42 billion. He added that ongoing reforms, including the removal of fuel subsidies and liberalisation of the FX market, were laying the groundwork for a more competitive economy.
Tinubu also called on banks to channel more resources into emerging sectors such as digital innovation and export services, pointing out that fintech transactions hit ₦37 trillion in the first quarter of 2025. He warned that the rise of digital currencies must be carefully tracked to safeguard financial stability.
Meanwhile, Cardoso revealed that diaspora remittances had surged to $600 million monthly and projected inflows could reach $1 billion next year. He attributed the increase to deliberate policies and stronger collaboration between stakeholders at home and abroad.
Conference host and President of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju, highlighted progress in banking reforms, noting that listed banks raised over ₦2.5 trillion in fresh capital in 2024. He also reported that Nigeria’s non-oil exports expanded to 236 products in the first half of 2025, generating $3.23 billion in revenue.
Tinubu concluded that banking, policy, and technology must converge under a “New Economic Playbook” to unlock Nigeria’s full economic potential, reduce poverty, and create inclusive prosperity.
