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Cabinet officials

President Tinubu Urges Nigerian Banks to Support Manufacturing Sector with Stronger Financial Backing

Strategic Insights

— 2 min read

Speaking at the 18th Annual Banking and Finance Conference in Abuja, President Bola Tinubu emphasized the need for Nigerian banks to increase their support for the nation's manufacturing sector. He highlighted recent economic reforms as opportunities to strengthen production and exports, but noted that despite modest growth in Nigeria's rebased Gross Domestic Product (GDP), manufacturing contributed just 9.62% in the first quarter of 2025. The president praised the efforts of Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, in stabilizing the foreign exchange market and shoring up reserves to about $42 billion. Tinubu called on banks to channel more resources into emerging sectors such as digital innovation and export services, and warned that the rise of digital currencies must be carefully tracked to safeguard financial stability.

Key Takeaways:

  • President Bola Tinubu emphasized the need for Nigerian banks to increase their support for the nation's manufacturing sector, stressing that stronger financial backing is crucial for boosting industrial output and job creation.
  • Despite modest growth in Nigeria's rebased Gross Domestic Product (GDP), manufacturing contributed just 9.62% in the first quarter of 2025, as highlighted by the president.
  • Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stabilized the foreign exchange market and shored up reserves to about $42 billion.
  • Tinubu praised the CBN Governor's efforts in stabilizing the foreign exchange market and shoring up reserves.
  • The president called on banks to channel more resources into emerging sectors such as digital innovation and export services.
  • Fintech transactions hit ?37 trillion in the first quarter of 2025, as reported by the president.
  • Diaspora remittances had surged to $600 million monthly, and projected inflows could reach $1 billion next year, according to CBN Governor Olayemi Cardoso.
  • President Tinubu concluded that banking, policy, and technology must converge under a 'New Economic Playbook' to unlock Nigeria's full economic potential.

Statistics:

  • Manufacturing contributed just 9.62% to Nigeria's rebased Gross Domestic Product (GDP) in the first quarter of 2025.
  • Fintech transactions reached ?37 trillion in the first quarter of 2025.
  • Diaspora remittances surged to $600 million monthly.
  • Projected inflows could reach $1 billion next year, as reported by CBN Governor Olayemi Cardoso.
  • Nigeria's listed banks raised over ?2.5 trillion in fresh capital in 2024.
  • Nigeria's non-oil exports expanded to 236 products in the first half of 2025, generating $3.23 billion in revenue.

Sources:

  • "President Tinubu Urges Nigerian Banks to Support Manufacturing Sector with Stronger Financial Backing" - The Guardian
  • "CBN Reveals Diaspora Remittances Hit $600m Monthly" - Vanguard
  • "Tinubu Calls for Collaboration Between Stakeholders to Drive Economic Growth" - Leadership
  • "Nigeria's Non-Oil Exports Expand to 236 Products" - Daily Trust

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