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President Bola Tinubu has pressed Nigeria’s banking sector to step up support for the struggling manufacturing industry to boost its share of Gross Domestic Product (GDP).
The National Bureau of Statistics (NBS) recently rebased GDP, showing that manufacturing contributed 9.62 per cent in Q1 2025, compared with 7.62 per cent in 2024 and 9.76 per cent in Q1 2024.
Tinubu praised Central Bank Governor, Olayemi Cardoso, for policies that stabilised the foreign exchange market and raised external reserves to about $42 billion.
Speaking at the 18th Annual Banking and Finance Conference in Abuja, the President—represented by Finance Minister Wale Edun—said the rebased GDP demonstrated growth, but manufacturing’s contribution remained weak. He urged banks to scale up intervention to spur local production.
Cardoso revealed that monthly diaspora inflows had climbed from $250 million to $600 million, and the bank aimed to raise receipts to $1 billion by next year.
Tinubu highlighted Nigeria’s competitive pricing regime, which could help local entrepreneurs export services across Africa and beyond. He said subsidy removal and FX liberalisation had created a new economic playbook, which Nigerians must harness for growth.
The President called on banks to channel investment into emerging sectors, including digital innovation and export services. He noted that fintechs processed ₦37 trillion in mobile transactions in Q1 2025, underlining a digital revolution that traditional banks must not ignore.
He urged financial authorities to monitor the rise of stablecoins and digital currencies while expanding infrastructure, building regulation, and promoting digital literacy.
Tinubu reaffirmed his government’s focus on stabilising the economy, creating jobs, and cutting poverty. He stressed that Nigeria must rely on its own efforts rather than external help.
Citing IMF data, he noted global growth projections of three per cent for 2025, with Sub-Saharan Africa at four per cent. Nigeria’s GDP grew by 3.13 per cent in Q1, but inflation remained high at 21.88 per cent in July.
He argued that Nigeria required a bold and innovative playbook, as old strategies could no longer suffice. He added that recent reforms—such as exchange rate unification, fiscal discipline, and debt service reduction—had restored stability and positioned the banking sector for growth.
According to the State of Enterprise Report 2025, Nigeria’s banking assets rose 39.6 per cent to ₦170.02 trillion in 2024. The fintech sector also secured $1.2 billion in funding between 2019 and 2023, confirming Nigeria’s lead in Africa’s digital finance industry.
