Alawuba: Improvement In Economic Indicators Point To Nigeria’s Growth Path

Oliver Alawuba, the Group Managing Director and Chairman of the Body of Bank CEOs in Nigeria, has outlined a plan to bolster Nigeria’s economic resilience. Speaking at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Alawuba emphasized the need for deliberate policies and enhanced cooperation between the public and private sectors to turn economic stability into inclusive growth.

Alawuba spoke on the conference’s theme, “Building a Resilient Economy in an Era of Disruptions: Imperatives for the Banking and Financial Services Industry.” He argued that a resilient economy is one that can absorb, adapt to, and grow from shocks without disproportionately burdening vulnerable citizens. Nigeria, he noted, is currently confronting global disruptions, including geopolitical tensions, energy market volatility, inflation, and other challenges.

Alawuba praised the Federal Government and the Central Bank of Nigeria (CBN) for their improved coordination of fiscal and monetary policies, highlighting recent positive trends in key economic indicators. He stressed that these gains must now be converted into broader opportunities and improved living standards. Alawuba highlighted the crucial role of the banking sector in Nigeria’s resilience strategy, calling banks the country’s “financial shock absorbers and growth partners.”

During the recapitalization exercise, 33 banks mobilized ₦4.65 trillion, significantly enhancing capital adequacy, asset quality, balance-sheet transparency, and investor confidence. The banking sector’s resilience is further boosted by investments in digital infrastructure, cybersecurity, and operational resilience, with four major banks investing over ₦119 billion in technology in Q1 2026—an increase of 43.2 percent year-on-year.

President Bola Ahmed Tinubu, represented by Finance Minister Taiwo Oyedele, challenged the banking industry to shift focus from balance-sheet expansion and profitability to financing productive businesses that create jobs and drive investment. Tinubu outlined the next phase of Nigeria’s reform journey, emphasizing the need to transition from financial intermediation to economic transformation, with affordable credit, financial inclusion, technology, and long-term capital as critical to a more resilient financial system.

CBN Governor Olayemi Cardoso, speaking at the event, reiterated the banking sector’s importance to Nigeria’s economic recovery. World Bank Country Director Mathew Verghis urged banks to allocate more capital towards job-creating businesses. The Council of CIBN President, Dr. Dele Alabi, stressed that the true measure of Nigeria’s economic reforms would be whether improved macroeconomic indicators lead to lower living costs, increased employment, higher incomes, and affordable credit for citizens and businesses.