The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, on Tuesday said Nigeria and other African countries could not achieve sustainable economic growth without maintaining stable financial systems built on public confidence, warning that monetary and fiscal policies alone would not deliver prosperity if the financial sector remained vulnerable to shocks.
Speaking at the opening of the 2026 International Association of Deposit Insurers Africa Regional Committee Annual Meeting and Workshop in Abuja, Oyedele said, “There can be no economic growth without financial system stability, and there can be no financial stability without public trust.”
The workshop, organised by the Nigeria Deposit Insurance Corporation, brought together financial regulators, policymakers and deposit insurers from across Africa to discuss public awareness and crisis preparedness.
Explaining the link between financial stability and economic development, Oyedele said confidence in financial institutions encouraged savings, investment and business expansion.
“Monetary and fiscal policy alone cannot drive prosperity if the financial sector is vulnerable to panic, capital flight, or systemic distress. The banking system is the nervous system of the macroeconomy. When depositors trust that their money is safe, capital flows productively, credit expands, and businesses grow,” he said.
