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Improving Economic Indicators Signal Nigeria’s Path to Stability – Alawuba
Improving Economic Indicators Signal Nigeria’s Path to Stability – Alawuba
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UBA Group CEO Oliver Alawuba says improving economic indicators point to progress in Nigeria’s stabilisation journey.
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He says the N4.65tn raised by 33 banks in the recapitalisation exercise will strengthen their capacity to finance larger projects and absorb shocks.
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President Bola Ahmed Tinubu urges banks to shift from balance-sheet growth to financing businesses that create jobs and drive investment.
September 18, () – Improving economic indicators suggest Nigeria is making progress towards macroeconomic stability, but the gains must translate into jobs, higher incomes, lower living costs and affordable credit, Oliver Alawuba, Group Managing Director of United Bank for Africa (UBA) and Chairman of the Body of Bank CEOs in Nigeria, has said.
Alawuba spoke at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, September 8, 2026.
The conference was themed, “Building a Resilient Economy in an Era of Disruptions: Imperatives for the Banking and Financial Services Industry.”
Banks raise N4.65tn
Alawuba said Nigeria must build resilience into its policies, institutions, infrastructure, supply chains, energy systems, financial architecture and human capital to withstand future economic shocks.
He commended the Federal Government and the Central Bank of Nigeria for what he described as increasingly effective coordination between fiscal and monetary policies, saying improvements in key economic indicators represented important milestones in the country’s stabilisation journey.
However, he stressed that macroeconomic gains must translate into broader economic opportunities and improved living standards.
Alawuba described banks as “financial shock absorbers and growth partners”, pointing to the N4.65tn mobilised by 33 banks during the recent recapitalisation exercise.
He said the fresh capital would strengthen capital adequacy, asset quality, balance-sheet transparency and investor confidence while expanding banks’ ability to absorb shocks and finance larger projects.
Technology investment rises
The UBA chief also highlighted increased investment in digital infrastructure, cybersecurity and operational resilience across the banking industry.
He cited more than N119bn invested in technology by four leading banks in the first quarter of 2026, representing a 43.2 per cent year-on-year increase.
According to him, such investments are necessary as financial institutions confront disruptions arising from geopolitical tensions, energy and shipping-market volatility and inflationary pressures.
He said resilience should not merely mean the ability to withstand shocks but the capacity to absorb, adapt and continue advancing without transferring the full cost of disruptions to vulnerable citizens.
Tinubu seeks productive lending
President Bola Ahmed Tinubu, represented at the conference by Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, challenged banks to move beyond balance-sheet expansion and profitability towards financing productive businesses.
The President said the next phase of Nigeria’s reform agenda should focus on moving from financial intermediation to economic transformation, with affordable credit, financial inclusion, technology and long-term capital playing central roles.
Olayemi Cardoso, Governor of the CBN, represented by Philip Ikeazor, Deputy Governor, Economic Policy Directorate, also reaffirmed the importance of a strong banking sector to sustainingNigeria’s economic recovery.
Matthew Verghis, World Bank Country Director for Nigeria, urged banks to direct more capital towards businesses capable of creating jobs.
Dr Dele Alabi, President and Chairman of Council of CIBN, said the ultimate test of the reforms would be whether improved economic indicators result in lower living costs, more jobs, higher incomes and affordable credit for citizens and businesses.
Alawuba said the banking industry remained ready to work with the government and other stakeholders to ensure that resilience built within the financial system translates into wider economic opportunities.