According to President Bola Tinubu, the current government is making a concerted effort to create a system that is both globally competitive and sustainable so that Nigerian banks and other financial institutions can prosper.
At the groundbreaking ceremony for First Bank’s 43-story headquarters at Eko Atlantic City on Wednesday in Lagos, Tinubu made this statement on behalf of Vice President Kashim Shettima.
“Banks could only thrive in a thriving economy,” the President said.
According to him, the current administration’s goals depend on the financial institutions’ ability and collaboration.
Since banks are the main drivers of economic expansion, we have an obligation to support a framework that ensures sustainability and worldwide competitiveness.
“We want our banks to succeed, to grow outside of our borders, and to establish themselves as one of the most successful and profitable businesses in the world,” he stated.
The administration is creating a climate that is conducive to the growth of enterprises, he said.
He recognised that the government came into power during a trying time, necessitating tough but vital choices to stabilise the country’s economy.
“We took office at a time that required bold, forward-thinking thinking, a time that required tough but essential decisions to stabilise our fiscal and monetary landscape,” he said.
“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 praised First Bank for its longevity, stating that the art of reinvention is the key to the bank’s steadfastness, legacy of innovation, and adaptability.
“Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.”
“First Bank has remained a towering institution, outliving disturbances and redefining banking over the decades, starting with the Bank of British West Africa and continuing down to this 130-year-old success story, Standard Bank of West Africa.
It requires ambition and the intelligence of sophisticated minds to survive, let alone thrive, in a field where the fate of many banks is written in the dusty pages of history.
“I’m with you today to honour a history of creativity and flexibility that has kept First Bank on the cutting edge,” he remarked.
Lagos Deputy Governor Dr. Obafemi Hamzat, former Senate President Bukola Saraki, Governors Dapo Abiodun (Ogun) and Lucky Aiyedatiwa (Ondo), and notable businessmen Aliko Dangote, Gilbert and Roland Chagoury, Deji Adeleke, Mohammed Indimi, and Sen. Daisy Danjuma are among the other dignitaries attending the event.
