Edun Seeks Increased Credit Access for SMEs
Minister of Finance and Coordinating Minister of the Economy, Olawale Edun has tasked deposit money banks to expand credit access to small and medium enterprises (SMEs).
He also hailed the Central Bank of Nigeria (CBN) for its efforts at stabilising the monetary policy.
He spoke in Lagos at the weekend during the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held at the Wole Soyinka Centre for Culture and Creative Arts, Iganmu, Lagos.
Edun, was alongside Central Bank of Nigeria (CBN) Deputy Governor, Corporate Services, Ms. Emem Usoro and CBN Deputy Governor, Operations, Dr. Bala Bello awarded Distinguished Honorary Fellows of the CIBN.
The Minister applauded the success recorded in stabilising the financial system, noting that technological innovation has transformed banking operations and customer access to funds.
However, the Minister stated that there is the need to expand access to finance to young people who form the SMEs ecosystem.
“There are 400,000 graduates every year. We now have what I would say is our President’s agenda, rapid growth that is accelerating above 4 percent, well above 4 percent and we look forward to continuing.
We have sustained effort on the reforms since May 29, 2023, and we have stayed the course. But we need inclusivity, and that inclusivity means good-paying jobs for our young people,” he said.
The Finance Minister reiterated the Federal Government’s plan at sustaining ongoing economic reforms and expanding access to credit.
“We all know that monetary policy under Olayemi Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The Group Managing Director/CEO United Bank for Africa (UBA), Oliver Alawuba, hailed the federal government for the way it had rescued the economy.
“Today we are thanking you for the way you have rescued the Nigerian economy. Today, things are better on the economic side,” he said.
Alabuba, who is the Chairman, Body of Bank CEOs in Nigeria, urged the awardees to continue to deliver service with trust and integrity.
He said, “Let’s build trust in a borderless world, and collaborate as we compete”.
The Guest Speaker, CEO Future Africa & Co-Founder, Andela, Dr. Iyinoluwa Aboyeji, advised banks to assist entrepreneurs in turning their assets to ambition.
“Banks should learn to finance young people with ambition for society. Go for transactions that build value instead of focusing solely on profitability,” he said.
He called for three fundamental shifts in the way banking is done.
He said there is the need to move from evaluating assets by collateral to “potential productivity,” adding that banks and entrepreneurs have to collaborate.
“If Nigeria is ever going to fulfil her destiny as a top 20 economy with trillions of dollars in GDP, then our industry must learn to finance ambition for society,” he stated.