Economic growth: we’ll support expansion of banks – Tinubu

President Bola Tinubu said his administration is diligently working to establish a sustainable and globally competitive system for Nigerian banks and other financial institutions to thrive.
President Tinubu, represented by Vice President Kashim Shettima, made the statement during the groundbreaking ceremony for First Bank’s 43-story headquarters at Eko Atlantic City in Lagos on Wednesday. The President emphasized that banks can only thrive in a prosperous economy and highlighted that the success of the current administration’s goals depends on the collaboration and capabilities of financial institutions.
“Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness.
“Our expectation is for our banks to excel, to expand beyond our shores, and to earn their place among the world’s most viable and profitable enterprises,” he said.
According to him, the administration is ensuring an enabling environment for businesses to flourish.
He acknowledged that the government assumed office during a challenging period, which required making difficult but necessary decisions to stabilise the nation’s economy.
He said, “We assumed office at a time that demanded bold, progressive thinking, a time that called for difficult but necessary decisions to stabilise our fiscal and monetary landscape.
“Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.
“This administration is committed to creating an enabling environment for businesses to flourish, and I assure you that you have a partner in this government. We are here to climb the hills of progress with you.”
The President commended First Bank for standing the test of time, saying the secret of the bank’s steadfastness, legacy of innovation and adaptability lies in the art of reinvention.
He said what the current administration had set out to achieve rests on the cooperation and capacity of the financial institutions.
“Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness.
“Our expectation is for our banks to excel, to expand beyond our shores, and to earn their place among the world’s most viable and profitable enterprises,” he said.
According to him, the administration is ensuring an enabling environment for businesses to flourish.
He acknowledged that the government assumed office during a challenging period, which required making difficult but necessary decisions to stabilise the nation’s economy.
He said, “We assumed office at a time that demanded bold, progressive thinking, a time that called for difficult but necessary decisions to stabilise our fiscal and monetary landscape.
“Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.
“This administration is committed to creating an enabling environment for businesses to flourish, and I assure you that you have a partner in this government. We are here to climb the hills of progress with you.”
The President commended First Bank for standing the test of time, saying the secret of the bank’s steadfastness, legacy of innovation and adaptability lies in the art of reinvention.
“From the Bank of British West Africa to Standard Bank of West Africa and, finally, to this 130-year-old success story, First Bank has remained a towering institution, outliving disruptions and redefining banking through the decades.
“In an industry where the fate of many banks is sealed in the dusty pages of history, surviving let alone thriving demands more than just calculated risks; it takes ambition, and the brilliance of refined minds.
“I join you here today to celebrate a legacy of innovation and adaptability that has kept First Bank ahead of the curve,” he said.
Other dignitaries at the event are Governors Dapo Abiodun (Ogun) and Lucky Aiyedatiwa (Ondo), Lagos Deputy Governor Dr Obafemi Hamzat, former Senate President Bukola Saraki, and prominent business leaders, including Aliko Dangote, Gilbert and Roland Chagoury, Deji Adeleke, Mohammed Indimi, and Sen. Daisy Danjuma.