Nigeria’s Commitment to Strengthening Financial Sector Amid Economic Transformation
Broadband Penetration at 48.1% and Financial Sector Growth Highlighted in Lagos Event
Lagos, March 5, 2025 (NAN) – President Bola Tinubu, represented by Vice President Kashim Shettima, has reiterated the government’s commitment to building a globally competitive and sustainable system for Nigerian banks and other financial institutions. The statement was made at the groundbreaking ceremony for First Bank’s new 43-story headquarters at Eko Atlantic City in Lagos on Wednesday.
Tinubu emphasized that banks could only prosper in a thriving economy, stating that the success of financial institutions hinges on the collaboration and capacity of the current administration. “Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness,” he said. He expressed his expectations for Nigerian banks to not only excel within the country but to expand internationally and become key players on the global financial stage.
The President acknowledged the challenges faced by the administration upon assuming office, including the need to make difficult decisions to stabilize the nation’s fiscal and monetary landscape. “We assumed office at a time that demanded bold, progressive thinking… our policies are inspired by the reality that we can no longer afford to postpone our economic transformation,” he stated.
The government, he explained, is focused on creating an enabling environment for businesses to thrive. He assured stakeholders that the administration remains committed to supporting the financial sector, highlighting the importance of robust institutions like First Bank in driving the nation’s economic transformation.
Tinubu also praised First Bank for its 130-year history, noting the institution’s adaptability and legacy of innovation. From its origins as the Bank of British West Africa to its current success, First Bank has remained resilient in the face of disruptions. “In an industry where the fate of many banks is sealed in the dusty pages of history, surviving, let alone thriving, demands more than just calculated risks; it takes ambition and the brilliance of refined minds,” he remarked.
The event was attended by several prominent figures, including Ogun State Governor Dapo Abiodun, Ondo State Governor Lucky Aiyedatiwa, Lagos Deputy Governor Dr. Obafemi Hamzat, former Senate President Bukola Saraki, and prominent business leaders such as Aliko Dangote, Gilbert and Roland Chagoury, Deji Adeleke, Mohammed Indimi, and Senator Daisy Danjuma.
