Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on Nigeria’s banking sector to support young innovators.
He made the appeal on Saturday in Lagos during the Chartered Institute of Bankers of Nigeria’s 2025 fellowship investiture.
He also called on the sector to deploy technology to grow the nation’s markets.
Edun received an honorary fellowship alongside three Central Bank of Nigeria Deputy Governors and other industry leaders.
A total of 687 professionals were honoured, including 21 honorary fellows, 440 elected fellows and 225 senior members.
Edun was reacting to calls by Dr Iyinoluwa Aboyeji, Co-founder of Andela and former Flutterwave chief executive, who delivered the keynote address.
Aboyeji urged banks to adopt technology inclusively to avoid excluding young people who may shift to cryptocurrency platforms.
He had warned that failure to engage the youth could push them toward alternative digital financial systems.
Edun said President Bola Tinubu is rolling out 90,000 kilometres of fibre-optic network to expand digital access nationwide.
He said the project would support modern banking services and help deepen Nigeria’s financial markets.
Edun noted that more than 400,000 graduates leave universities each year and must be productively integrated into the economy.
He stressed that youth talents should be supported to build businesses and contribute to growth.
According to him, government reforms since May 2023 aim to stabilise the economy and strengthen fiscal foundations.
He urged banks to deepen capital markets and expand credit, especially for small and medium-sized enterprises.
Edun insisted that young Nigerian innovators should not need to seek backing in Silicon Valley.
He warned that unmet aspirations might drive youths towards virtual financial systems and cryptocurrency alternatives.
He praised the CBN Deputy Governors for contributing to a stable monetary environment in challenging conditions.
Edun also thanked the Chartered Institute of Bankers Nigerian (CIBN) for recognising the contributions of financial sector leaders.
UBA Group Managing Director, Oliver Alawuba, said technology should serve as a bridge rather than a barrier in banking.
He encouraged banks to maintain empathy while adopting artificial intelligence, blockchain and open banking systems.
Alawuba urged institutions to ensure no citizen is excluded during the digital transition.
He stressed that trust and service remain central to banking, even when platforms are digital.
Alawuba, however, cautioned that cyber breaches could erode confidence and slow economic progress.
He called for collaboration between banks, regulators and fintechs to secure digital systems.
He also urged industry leaders to make cybersecurity a built-in culture, not an afterthought.
Lagos State Governor, Babajide Sanwo-Olu, represented by Finance Commissioner, Abayomi Oluyomi, highlighted Lagos as Nigeria’s digital hub.
He said the state is boosting broadband infrastructure, digital literacy and cyber protection to support innovation.
Sanwo-Olu noted that Lagos is partnering with Central Bank of Nigeria and CIBN to maintain a resilient and globally competitive financial system.
He added that banking’s future depends on professionals combining technology with discipline and foresight.
On his part, Plateau Governor, Caleb Mutfwang, said his administration is supporting agriculture under the renewed hope agenda.
He explained that inflation in any sector affects the wider economy and called for diversified investment.
Similarly, Katsina State Deputy Governor, Faruk Jobe, outlined programmes in infrastructure, education, healthcare and technology to drive development.
He said the state is committed to building a competitive and inclusive economy for the people.
