Tinubu Asserts That Nigerian Banks Have Matured To Compete Internationally

According to Ireporter Online, President Bola Ahmed Tinubu has affirmed that Nigerian banks have grown into globally competitive institutions, underpinned by strong fundamentals capable of facilitating both domestic and international capital. He made the remarks during the inauguration of Zenith Bank UK Limited’s new branch in Manchester, United Kingdom, a subsidiary of Zenith Bank Plc.

Tinubu described the opening of the Manchester branch as a milestone reflecting the evolution of Nigeria’s banking sector into institutions that foster global trade and investment, coinciding with the country’s rising recognition as an emerging economic power.

“Nigeria’s banking sector has matured significantly. Our banks are now better capitalised, technologically advanced, and increasingly international in their outlook,” Tinubu said. He emphasized that such international expansion aligns with the broader economic reforms of his administration, which aim to enhance macroeconomic stability, simplify the tax system, improve the investment climate, and strengthen the financial ecosystem.

Represented by the Minister of State for Finance, Taiwo Oyedele, the President noted that financial institutions like Zenith Bank play a pivotal role in connecting capital with opportunities, positioning Nigeria as a more attractive destination for investment. Zenith Bank’s expansion into Manchester, he added, reflects confidence in Nigerian financial institutions to operate on a global scale.

Highlighting the significance of timing, Tinubu noted that the inauguration coincided with his historic state visit to the United Kingdom, underscoring the deepening economic, financial, and strategic cooperation between the two countries. He stressed that the Nigerian diaspora in the UK continues to serve as a vital bridge, fostering trade, investment, and people-to-people connections.

“The opening of this branch strengthens that bridge, creating new channels for trade financing, investment flows, and cross-border financial services. In simple terms, it brings our economies closer together in practical ways,” he said.

Tinubu further remarked on Manchester’s strategic importance as a dynamic economic hub defined by innovation, industry, and entrepreneurship, noting that the new branch enables Zenith Bank to engage directly with a wider segment of the UK economy beyond traditional financial centres.

Concluding his remarks, the President stated that the combination of a historic state visit, private sector expansion, and strengthened economic ties sends a clear message to global markets that Nigeria is open for business and ready for partnership. He commended Zenith Bank’s founder, Jim Ovia, the Group Managing Director, Dame Adaora Umeoji, and other stakeholders for their contributions, describing the branch as a statement of confidence in Nigeria–UK relations and the future of African financial institutions globally.