President Bola Tinubu has called on Nigeria’s banking sector to intensify support for the struggling manufacturing industry in order to significantly boost its contribution to the country’s Gross Domestic Product (GDP).
Speaking at the opening of the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Tinubu emphasized the role of the financial sector in reviving domestic production and strengthening economic fundamentals.
“We must do more to support the manufacturing sector, which remains the bedrock of a self-reliant economy,” the President stated.
His comments follow the recent rebasing of Nigeria’s GDP by the National Bureau of Statistics (NBS), which revealed that manufacturing’s contribution to real GDP stood at 9.62% in Q1 2025, up from 7.62% in 2024, but slightly below the 9.76% recorded in Q1 2024.
Tinubu also applauded Central Bank of Nigeria (CBN) Governor Olayemi Cardoso for introducing policies that have stabilized the foreign exchange (FX) market and increased external reserves to approximately $42 billion.
“The foreign exchange market is finally regaining balance, and confidence is returning,” Tinubu noted.
In his own remarks, Cardoso stated that the CBN aims to grow monthly diaspora remittance inflows to $1 billion by next year—up from $250 million previously, and currently around $600 million.
“We are seeing progress due to improved collaboration with banks and outreach to diaspora communities,” Cardoso said.
The conference, themed “The New Economic Playbook: The Intersection of Banking, Policy, and Technology,” brought together key stakeholders from the financial, policy, and business sectors to explore new strategies for economic growth.
