…Prof. Olannrewaju Urges Banks to Drive Export Diversification at London Conference
The President and Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Deji Olanrewaju, has called on Nigerian banks to take the lead in fixing the country’s fragile foreign exchange system by financing export diversification and supporting small businesses.
Speaking at the opening of the 2025 CIBN International Banking and Finance Conference held in London from April 24 to 26, Olanrewaju declared that the era of relying on oil for FX earnings was over, and urged industry leaders to embrace innovation and strategic financing to unlock the full potential of Nigeria’s non-oil sectors.
“Our FX reserves may stand at $38 billion, but they mask a deeper crisis—90% of our foreign earnings still come from crude oil, which contributes less than 10% to GDP. That’s unsustainable,” Olanrewaju said. “The banking sector must become architects of economic transformation, not just lenders.”
He described the conference theme, “Foreign Exchange Liquidity through Export Diversification—The Role of the Banking and Finance Sector,” as timely and urgent, given global headwinds and Nigeria’s lingering FX instability.
In a passionate address, he acknowledged prominent banking figures in attendance, including Yemisi Edun (FCMB), Emmanuel Emefienim (Premium Trust Bank), Musa Haruna (Jaiz Bank), and fintech leader Babatunde Olofin (Moniepoint MFB). He also commended the leadership of CIBN UK and the event planning committee.
Olanrewaju highlighted sharp disparities between Nigeria’s export performance and that of peer countries. While Nigeria’s non-oil exports stood at $4.8 billion in 2023, Vietnam raked in $348 billion from non-oil goods.
He pointed to major challenges: a $7 billion trade finance gap, infrastructure deficits that inflate export costs by 30–40%, and limited bank access for exporters—only 1 in 10 receive financing, compared to 1 in 2 in Kenya.
But he also stressed opportunities, citing recent policy tools like the ₦500 billion rediscounting facility. “Lending to non-oil sectors still sits at 22% of total credit. We can and must do more,” he said.
Olanrewaju called for long-term export credit, de-risking tools for SMEs, and innovative instruments like blockchain to plug revenue leakages. He referenced success stories in Ghana and Rwanda as blueprints Nigeria could adapt.
“To our banks: will you back exporters with 5-year loans instead of 12-month tenors? To our policymakers: will you raise export incentives beyond 2.5%? The time for half-measures is over,” he declared.
Closing his remarks with a quote by Aliko Dangote—“A nation that relies on a single commodity is like a man balancing on one leg”—the CIBN President urged stakeholders to turn rhetoric into results.
“This is not just a conference—it’s a call to arms. From potential to performance. From diversification to dollars. The transformation begins now,” he said.
