Tinubu urges banks to boost credit post-recap

President Bola Tinubu has urged Nigerian banks to leverage their recently concluded recapitalization to provide affordable credit to businesses and productive sectors, aiming to drive investment, production, and job creation. Speaking on Tuesday at the 19th Annual Banking and Finance Conference, Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that while economic reforms have restored macroeconomic stability and improved investor confidence, the subsequent phase must focus on translating these gains into tangible economic benefits for citizens. Tinubu emphasized that stability is the foundation upon which prosperity is built, and the current reform journey is accelerating the conversion of stability into investment, investment into production, production into jobs, and growth into improved living standards. He challenged financial institutions to move beyond traditional intermediation and embrace a transformative role, asserting that the performance of banks should be measured not only by balance sheet growth and profitability but by their contribution to the real economy.