Nigeria Finance Minister emphasizes public trust for financial stability at Abuja conference

Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said that public confidence is essential for a stable financial system and sustainable economic growth. Speaking at the opening of the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee Annual Meeting and Workshop in Abuja, he warned that misinformation on digital platforms can quickly trigger liquidity shocks even in sound banks.

Oyedele highlighted Nigeria’s recent banking reforms, noting that the Central Bank of Nigeria completed a two‑year recapitalisation programme in March 2026, with 33 of 37 banks meeting new capital requirements and raising 4.65 trillion naira (about $3.5 billion), over 70 % from domestic investors. He also cited broader macro‑economic measures such as unifying the foreign‑exchange market, removing the fuel subsidy and ending the central bank’s Ways and Means financing of government deficits. The minister called for permanent crisis‑preparedness and stronger coordination among finance ministries, central banks and deposit insurers to safeguard financial stability across Africa.