By Chibuzor Alli
Lagos State Governor, Babajide Sanwo-Olu, has challenged Nigeria’s banking industry to channel more capital into productive sectors, warning that the benefits of bank recapitalisation must extend beyond stronger financial institutions to factories, businesses and job creation.
He said the expanding industrial and infrastructure landscape along the Lekki corridor presented significant financing opportunities for commercial banks, particularly in manufacturing, logistics, energy and trade.
Sanwo-Olu made the call on Saturday at the 2026 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria in Lagos, where he urged lenders to take a more active role in financing projects that could strengthen Nigeria’s productive capacity.
He identified the Lekki Deep Sea Port, ongoing rail and road infrastructure developments, expanding industrial activities and opportunities created by the Lagos State Electricity Law as key areas where increased private sector financing could accelerate economic activity.
According to the governor, the growing concentration of industrial and port-related operations around the Lekki axis is creating demand for supporting businesses and services, making the corridor an important destination for investment.
He argued that the banking sector’s recapitalisation should translate into greater access to capital for businesses, rather than remaining limited to improved financial capacity within the industry.
Sanwo-Olu stressed that manufacturers needed affordable, long-term financing to acquire equipment, expand production and compete in international markets. He also highlighted the funding requirements of agricultural processors, particularly in storage, processing and distribution.
Beyond large-scale industries, the governor called for greater access to credit for small businesses operating within industrial clusters and supply chains.
He noted that the Lagos State Employment Trust Fund, despite supporting businesses, could not independently meet the financing demands of the state’s growing enterprise community.
He therefore urged banks to introduce accessible credit facilities, support equipment financing and help smaller businesses connect with larger markets.
The governor further emphasised the need for stronger partnerships between government, financial institutions and private investors, noting that the scale of investment required to transform the economy could not be achieved by any single sector.
He also called for responsible lending practices, transparency and sound corporate governance in the deployment of the additional capital raised through bank recapitalisation.
For Sanwo-Olu, the ultimate test of the exercise would be its impact on industrial development, export performance and employment.
“As I conclude, I want to leave the banking industry with this thought: Nigeria has recapitalised its banks. The next task is to help recapitalise Nigerian industry. The success of this exercise should ultimately be visible in the factories we establish, the businesses we grow, the exports we generate and the opportunities we create for our young people,” Sanwo-Olu noted.
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