The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has emphasized the critical role of a stable and trustworthy financial system in driving Nigeria’s economic transformation. Speaking at the inauguration of the newly appointed board of the Nigerian Deposit Insurance Corporation (NDIC) in Abuja over the weekend, Edun stated that institutions like the NDIC are foundational to lifting millions of Nigerians out of poverty and steering the country toward a $1 trillion economy.
“Domestic savings are the engine of sustainable investment,” Edun declared. “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.”
The NDIC’s new leadership, led by Managing Director Dr. Thompson Oludare Sunday and Executive Director Dr. Ibrahim Sabo Katata, was appointed by President Bola Ahmed Tinubu to advance the administration’s broader macroeconomic reform agenda. The board is expected to play a pivotal role in enhancing financial system stability, strengthening public confidence, and supporting domestic capital formation.
Also speaking at the event, Minister of State for Finance, Dr. Doris Uzoka-Anite, described the NDIC as “a cornerstone of public trust in the banking system,” and highlighted its expanded responsibilities under the 2023 NDIC Act. She stressed that the Corporation’s reinforced mandate would be instrumental in deepening financial inclusion and safeguarding depositors’ interests across the country.
In his inaugural remarks, Dr. Sunday reaffirmed the board’s commitment to the nation’s economic priorities. “We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision,” he said.
The Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, lauded the smooth leadership transition within the NDIC and assured the board of the Ministry’s unwavering support. “We are confident in your ability to entrench sound governance practices and protect the public interest,” she stated.
Established to provide deposit insurance and promote stability in the banking sector, the NDIC continues to serve as a pillar of Nigeria’s financial system. Its recent policy enhancements include increased deposit coverage limits—now ₦5 million for deposit money banks and ₦2 million for microfinance institutions—positioning the Corporation to bolster domestic savings and investment.
A statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, affirmed that the inauguration of the new board “reaffirms the Federal Government’s commitment to strengthening financial institutions and creating an enabling environment for enterprise and inclusive growth.”
With its renewed leadership and expanded mandate, the NDIC is poised to play a central role in mobilizing domestic capital, enhancing financial system resilience, and contributing to the realization of Nigeria’s ambitious economic goals.
