President Bola Tinubu has declared that Nigeria is on track to becoming the nation with the world’s largest workforce by 2050, stressing that his administration is working assiduously to unlock the potential of the country’s young population to drive growth, innovation, and global competitiveness.

Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), held in Abuja.

He said the government has embarked on far-reaching reforms aimed at stabilizing the economy, promoting investments, and ensuring that Nigerians at home and abroad can benefit from opportunities across critical sectors.

According to him, his administration’s bold decisions, particularly on subsidy removal and exchange rate unification, were taken to create a resilient economy capable of attracting global investors and providing sustainable jobs for millions of Nigerians.

“Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are making investments in education, infrastructure, and digital skills to prepare our youths for the opportunities of tomorrow,” Tinubu said.

He assured Nigerians in the diaspora that his government is committed to creating a conducive environment for them to invest back home, noting that their skills, resources, and networks remain critical to Nigeria’s transformation agenda.

On her part, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the apex bank has set an ambitious target of attracting $1 billion in diaspora remittances monthly by 2026.

Cardoso explained that remittances remain one of the most reliable sources of foreign exchange for the country, adding that the bank is putting in place policies and incentives to channel these inflows into productive sectors of the economy.

“The Nigerian diaspora is one of the most vibrant in the world. If we are able to harness even a fraction of their earnings and direct it into our economy, the impact will be transformative. That is why we are targeting at least $1 billion every month in remittances by 2026,” he stated.

Earlier in his welcome address, President and Chairman of Council of CIBN, Prof. Pius Deji Olanrewaju, said the annual conference had become a launchpad for impactful decisions, not just a space for dialogue.

He recalled that resolutions from last year’s event influenced tangible reforms in the areas of financial inclusion, export diversification, unlocking private sector capital and tax consolidation.

According to him, since 2024, 16 listed banks have raised over N2.5 trillion in fresh capital to strengthen their balance sheets, while net domestic credit to the private sector has risen to over N82 trillion this year, supporting businesses and job creation. He added that the July 2025 launch of the National Credit Guarantee Scheme has de-risked SME lending, with more than 500,000 agent banking outlets now serving over 40 million Nigerians.

On non-oil exports, Olanrewaju said Nigeria’s export basket expanded to 236 products in the first half of 2025, up from 202 the previous year, generating $3.23 billion in revenue, a 19.6 per cent year-on-year increase.

He also noted that President Tinubu’s signing of four tax reform bills into law on June 26, 2025, consolidating over 100 tax-collecting agencies into a streamlined Nigeria Revenue Service, would provide a new lease of life for the economy.

The CIBN President described banking as the engine of growth, policy as the compass, and technology as the accelerator of innovation and change. He said while GDP growth stood at 3.13 per cent in Q1 2025, inflation at 21.88 per cent remained a challenge, reflecting the need for a bold, inclusive and innovative economic playbook.

According to him, the banking sector posted significant growth in 2024 with total assets rising to N170.02 trillion, while Nigeria’s fintech ecosystem attracted more than $1.2 billion in funding between 2019 and 2023, positioning the country as Africa’s leader in digital finance. (Daily Sun)

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