United Bank for Africa Group Managing Director Oliver Alawuba said improving economic indicators point to progress in Nigeria’s stabilisation efforts, but urged policymakers and businesses to deepen collaboration and sustain reforms needed to convert macroeconomic gains into broader economic opportunities and improved living standards for Nigerians.

Alawuba, who also chairs the Body of Bank CEOs in Nigeria, spoke Sept. 8 at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja. The conference focused on building a resilient economy amid disruptions facing the global economy and financial services industry.

Building resilience into policy

Alawuba said economic resilience must be deliberately built into Nigeria’s policies, institutions, infrastructure, supply chains, energy systems, financial architecture and human capital. A resilient economy, he said, is not one that avoids shocks but one capable of absorbing and adapting to them without shifting their full cost onto vulnerable citizens.

He pointed to geopolitical conflicts, volatility in energy and shipping markets and persistent inflationary pressures as evidence of the structural disruptions confronting economies worldwide. For Nigeria, he said, the priority should be to build systems capable of absorbing future shocks rather than repeatedly responding after disruptions have already damaged households and businesses.

Gains need broader impact

Alawuba commended the Federal Government and the Central Bank of Nigeria for what he described as increasingly effective coordination between fiscal and monetary policy. He said improvements in key economic indicators represent important milestones in Nigeria’s stabilisation journey, while stressing that macroeconomic progress must eventually produce measurable benefits across the wider economy.

The UBA chief also highlighted the banking industry’s role in supporting that transition, describing lenders as “financial shock absorbers and growth partners.” He said stronger banks would be better positioned to finance businesses, infrastructure and other productive investments while helping the economy withstand periods of market and economic stress.

Banks strengthen capital base

Nigeria’s banking sector has also strengthened its capacity through the recent recapitalisation exercise, Alawuba said. He cited N4.65 trillion raised by 33 banks, describing the exercise as an important step toward improving capital adequacy, asset quality, balance-sheet transparency and investor confidence while giving lenders greater capacity to absorb shocks and finance larger projects.

Technology is another pillar of the sector’s resilience, with banks accelerating investment in digital infrastructure, cybersecurity and operational resilience. Alawuba cited more than N119 billion invested by four leading banks during the first quarter of 2026, representing a 43.2 percent year-on-year increase as lenders expand their digital capabilities.

Tinubu pushes productive lending

President Bola Ahmed Tinubu, represented by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, challenged banks to look beyond balance-sheet growth and profitability and place greater emphasis on financing productive businesses. Such lending, he said, should support investment, job creation and sustainable economic growth as Nigeria advances its reform program.

Tinubu said the next stage of Nigeria’s reforms should move the financial system from traditional financial intermediation toward economic transformation. He identified affordable credit, financial inclusion, technology and long-term capital as critical tools for building a financial sector capable of supporting businesses and households through periods of disruption.

CBN backs stronger banking sector

Central Bank of Nigeria Gov. Olayemi Cardoso, represented by Deputy Gov. Philip Ikeazor of the Economic Policy Directorate, reaffirmed the importance of a strong banking industry to sustaining Nigeria’s economic recovery. World Bank Country Director for Nigeria Mathew Verghis separately urged banks to direct more capital toward businesses with the capacity to create jobs.

CIBN President and Chairman of Council Dele Alabi said the ultimate test of Nigeria’s reforms would be whether improvements in macroeconomic indicators translate into lower living costs, more jobs, higher incomes and affordable credit. His comments placed household welfare and business conditions at the center of the reform debate.

Banking industry commits support

Alawuba reaffirmed the banking industry’s readiness to work with the Federal Government and other stakeholders as Nigeria seeks to strengthen its economic foundations. He said the resilience being built across the financial sector must ultimately translate into tangible opportunities for citizens and businesses, linking banking-sector strength to broader economic prosperity.