Don’t concentrate on profits alone, FG tells banks

President Bola Tinubu called upon Nigerian banks to shift their focus from maximizing profits to actively contributing to the nation's economic growth and enhancing the well-being of citizens. Addressing the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the President emphasized the importance of banks financing productive sectors rather than just prioritizing huge profits and shareholder dividends.

He questioned the extent to which financial institutions contribute to the real economy, highlighting the need for a more balanced approach to risk management. Tinubu stressed that while macroeconomic stability is crucial, it is not enough to guarantee prosperity. He urged banks and state governments to collaborate effectively in combating inflation and achieving rapid growth that would improve living standards for Nigerians.

CBN Governor Philip Ikeazor echoed Tinubu's sentiments, urging the banking sector to leverage the available capital to fund essential sectors and alleviate inflation, with the collaboration of all stakeholders. The CIBN's Chairman, Dr. Dele Alabi, stressed that macroeconomic progress must translate into tangible benefits for everyday Nigerians, including lower living costs, more job opportunities, higher real incomes, affordable credit, reliable public services, and reduced poverty.