The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has emphasised the importance of a stable and reliable financial system—anchored by institutions such as the Nigerian Deposit Insurance Corporation—as critical to lifting millions out of poverty and steering Nigeria towards a $1 trillion economy.
Speaking during the inauguration of the corporation’s new board of directors in Abuja over the weekend, the minister also highlighted domestic savings as the key driver of long-term, sustainable investment.
“Domestic savings are the engine of sustainable investment. A trusted and stable financial system, anchored by institutions like the NDIC, is essential to lifting millions out of poverty and driving Nigeria’s transition to a $1 trillion economy,” he said.
The newly inaugurated board of directors of the Nigerian Deposit Insurance Corporation (NDIC), led by Managing Director Dr. Thompson Olu Dare Sunday and Executive Director Dr. Ibrahim Sabokatata, was appointed by President Bola Ahmed Tinubu. The board is expected to play a key role in advancing the federal government’s macroeconomic reform agenda.
Earlier, the Minister of State for Finance, Dr. Doris Uzoka-Anite, described the NDIC as “a cornerstone of public trust in the banking system,” and underscored its strengthened mandate under the NDIC Act of 2023.
In his remarks, the new Managing Director of the NDIC, Dr. Thompson Olu Dare Sunday, pledged the board’s commitment to national development, affirming, “We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision.”
In her closing remarks, the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, commended the smooth leadership transition and assured the ministry’s full support for the board’s efforts to promote sound governance and safeguard the public interest.
The NDIC, established to safeguard depositors and strengthen trust in the banking sector, serves as a vital pillar in Nigeria’s efforts to attract investment, expand financial inclusion, and ensure overall financial system stability.
