A former chairman of the APC in Scandinavia countries, Mr Ayoola Lawal on Thursday urged banks in Nigeria to help strengthen the impact of President Bola Tinubu’s Economic Reforms.
By Chioma Ugboma
A former chairman of the APC in Scandinavia countries, Mr Ayoola Lawal on Thursday urged banks in Nigeria to help strengthen the impact of President Bola Tinubu’s Economic Reforms.
Lawal who was the General Secretary of the APC Forum of Chairmen in the diaspora, also lauded the President on Nigeria’s exit from the IMF debtor’s list.
Lawal was reacting to the President’s speech to Nigerians on his second year in office.
The News Agency of Nigeria (NAN) reports that the President in his speech to mark the second year of his administration, said the nation’s economic reforms were working.
Lawal commended the President and his economic team for successfully removing Nigeria from the IMF debtors’ list, a move he described as both bold and historic.
He said the achievement was a sign of growing fiscal responsibility and renewed commitment to Nigeria’s economic independence.
The diaspora chieftain also lauded the administration’s political will and technical direction, saying the exit is a “strategic reclaiming of Nigeria’s financial sovereignty”.
“This is more than just clearing debt, it is a clear message that Nigeria is taking control of its economic future, making the right reforms, and rebuilding investor confidence.”
Lawal said that while this development was commendable, he added that “its true value should translate into meaningful improvements for the average Nigerian”.
He noted that sustainable impact required collaboration across all sectors, especially the financial industry.
Highlighting the critical role of the private sector, Lawal urged local banks and financial institutions to rise to the occasion, by supporting inclusive growth through affordable credit access, SME financing and innovation in service delivery.
“Our financial institutions must now do more than just report profits. They must become real partners in development, enabling the informal sector, empowering small businesses and financing productive ventures in agriculture, technology, and manufacturing,” he stated.
He also urged the Central Bank of Nigeria (CBN) to provide enabling regulations and incentives that would steer banks toward development goals, while ensuring responsible practices and strong oversight.
“This is a time for synergy between government policy and financial sector innovation. Together, we can build an economy that works, not just for balance sheets but for the lives of ordinary Nigerians,” he added.
Lawal also said that with continued commitment to reforms, collaboration, and institution-building, Nigeria could become a model of economic turnaround on the African continent.
“This is a step in the right direction, now, let’s keep the momentum, stay focused, and work toward a stronger, more prosperous Nigeria for all.”
In his speech, President Tinubu said
his government was on course to building a greater, more economically stable nation.
The President said that under the Renewed Hope Agenda, his administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty.
He, however, said that in spite of the high cost of living, the economy had made undeniable progress.
“Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering; rig counts are up by over 400 per cent in 2025 compared with 2021, and over 8 billion dollars in new investments have been committed.”
According to the President, the country’s fiscal deficit has narrowed sharply from 5.4 per cent of GDP in 2023 to 3.0 per cent in 2024.
“We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue.
“The NNPC is no longer burdened by unsustainable fuel subsidies, it’s now a net contributor to the Federation Account. We are also achieving fuel supply security through local refining.
“While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53 per cent, our debt service-to-revenue ratio dropped from nearly 100 per cent in 2022 to under 40 per cent by 2024.
“We paid off our IMF obligations and grew our net external reserves by almost 500 per cent from 4 billion dollars in 2023 to over 23 billion dollars by the end of 2024.
“Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that subnational governments can reduce their debt burden, met salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development,” the President said.(NAN)