Finance Youth Ideas NOW or Watch Them Flee to ‘Crypto, Virtual’ Economy

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has issued a sharp challenge to Nigeria’s banking sector, urging them to aggressively finance the innovative ideas of young Nigerians to secure economic stability and prevent a migration of talent and capital to unregulated digital ecosystems.

Speaking yesterday, Saturday, at the 2025 Investiture Ceremony of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the Minister stated that while the current administration’s reforms have successfully accelerated economic growth, the focus must now shift to “inclusivity”, which translates directly into creating quality employment for the nation’s youth. The news was widely reported today, Sunday, November 2, 2025.

“We must finance their ideas. They should not have to go all the way to Silicon Valley for opportunities,” Edun stated emphatically. “Let us remember that if we do not meet their aspirations, which the President is addressing through the rollout of 90,000 kilometres of fibre optic network, they will go to crypto, they will go to virtual, and then we will have another problem on our hands.”

The Minister’s remarks underscored a growing concern among policymakers regarding the volume of economic activity taking place outside the conventional banking sector, especially among the digitally savvy youth population. He argued that the financial institutions must expand credit access and deepen capital markets right down to Small and Medium Enterprises (SMEs) to bring these vital businesses into the formal economy.

Edun’s speech was heavily influenced by the keynote address delivered by tech entrepreneur Dr. Iyinoluwa Aboyeji, who called on bankers to adopt “Engage Capital.” Aboyeji argued that finance must primarily serve the real economy, ensuring that every loan and guarantee touches “real people doing real work and making real progress, and not just declared profits.”

The Minister acknowledged the significant progress made by the banking sector but stressed that more needs to be done to democratize access to credit. He concluded by challenging the bankers present to use their vast balance sheets to fund productivity that gives young adults a pathway to work that is neither crime nor politics, thereby defining their generation’s legacy.