Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged financial regulators and industry leaders to prioritize building public trust to ensure a stable economy. During the 2026 International Association of Deposit Insurers Africa Regional Committee workshop in Abuja, Oyedele emphasized that confidence is not something that can be mandated or bought; it must be developed through transparent operations, preparedness, and institutional strength.
The minister explained that recent efforts to recapitalize banks were designed to bolster the industry against global economic uncertainties. He noted that banks with stronger capital bases are better equipped to absorb financial shocks and maintain consistent lending. This stability encourages public participation in the financial system, which ultimately drives business investment and job creation.
Thompson Sunday, the Managing Director of the Nigeria Deposit Insurance Corporation, echoed these sentiments, identifying the protection of depositors as his organization’s top priority. He acknowledged that while digital innovation and fintech offer significant opportunities for financial inclusion, they also introduce risks that require a coordinated response from all safety-net institutions. Sunday emphasized that public awareness is a critical tool, as well-informed depositors are less likely to act on misinformation during periods of instability.
Reflecting on the 2023 global banking volatility, Sunday warned that information now spreads instantly due to social media, which can accelerate systemic stress. He stressed that effective crisis preparation and collaboration among banks, the central bank, and regulators are vital to preventing financial contagion. Senator Mukhail Abiru, Chairman of the Senate Committee on Banking, concluded by describing financial stability as the essential factor that differentiates a calm, orderly market from one prone to panic.
