Lagos State Governor, Mr Babajide Olusola Sanwo-Olu, has called on banks and other financial institutions to deepen their support for productive businesses, strengthen economic resilience and create more opportunities for sustainable growth in Nigeria.
Sanwo-Olu made the call at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), held at the Congress Hall of the Transcorp Hilton Hotel, Abuja. The Governor was represented at the event by the Commissioner for Finance, Mr Abayomi Oluyomi.
The Governor noted that technological disruption, cybersecurity threats, regulatory changes, climate-related risks, geopolitical tensions and macroeconomic pressures had created a more complex operating environment for the financial sector. He urged banks to move beyond simply reacting to these challenges and develop institutions capable of anticipating shocks, absorbing their impact and turning emerging risks into opportunities.
Sanwo-Olu stressed that the true strength of Nigeria’s financial system should be measured by its contribution to the wider economy, particularly its ability to channel capital to micro, small and medium enterprises, manufacturers, farmers, technology companies and entrepreneurs. He said greater access to affordable finance would enable businesses to expand, create jobs and bring more Nigerians into productive economic activity.
The Governor also highlighted the growing digitalisation of financial services, stressing the need for stronger cybersecurity, consumer protection, corporate governance and professional ethics. According to him, public confidence remains critical to the sustainability of the modern financial system, making trust an essential component of financial infrastructure.
He further called for a stronger partnership between government and the financial sector to support infrastructure development, productive enterprise and long-term investment, noting that government alone could not build a resilient economy.
Sanwo-Olu said the conversation was particularly important to Lagos as Nigeria’s commercial and financial capital, stressing that the state’s economic strength was closely linked to the credibility, innovation and capacity of its financial institutions.
He reaffirmed the Lagos State Government’s commitment to creating an enabling environment for businesses to invest, innovate and grow, while leveraging private-sector capital, expertise and innovation to accelerate economic development.
The Governor commended CIBN for sustaining its Annual Banking and Finance Conference as a platform for professional engagement and strategic discussions on the future of Nigeria’s financial sector. He urged participants to use the conference to develop practical solutions that would strengthen financial institutions and, ultimately, contribute to building a more resilient Nigerian economy.
