President Bola Tinubu, yesterday, urged the banking sector to do more to support the country’s struggling manufacturing sector to boost its contribution to Gross Domestic Product (GDP).
Following the recent rebasing exercise by National Bureau of Statistics (NBS), manufacturing sector’s contribution to real GDP stood at 9.62 per cent in Q1, compared to 7.62 per cent in 2024 and 9.76 per cent in Q1 2024.
Tinubu commended Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for initiating policies that had brought stability to the foreign exchange (FX) market, as well as grown the country’s external reserves to about $42 billion.
The president spoke at the opening of the 18th Annual Banking and Finance Conference, with the theme, “The New Economic Playbook: The Intersection of Banking, Policy, and Technology,” organised by Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Tinubu’s assertions came as Cardoso said the apex bank aimed to boost monthly diaspora receipts to about $1 billion next year. Cardoso said monthly diaspora inflows had drastically increased from about $250 million to around $600 million currently.
