FirstBank reaffirms commitment to strong capital buffers, digital transformation in Nigeria

*Olusegun Alebiosu, Managing Director of First Bank, at the Nigeria Economic Outlook 2026, reiterates the bank’s remains committed to supporting national development through strong capital buffers, digital transformation and effective financial intermediation in the country’s economy

Alexander Davis | ConsumerConnect

First Bank of Nigeria Limited (FirstBank) has reaffirmed its commitment remains anchored on supporting national development through strong capital buffers, digital transformation and effective financial intermediation in the country’s economy.

ConsumerConnect reports Mr. Olusegun Alebiosu, Managing Director of First Bank, said this Tuesday, January 6 at the Nigeria Economic Outlook 2026, a hybrid forum which the financial institution organised in Lagos.

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Alebiosu at the event with the theme: “The Great Calibration: Mastering Resilience in an Era of Asynchronous Growth”, noted that Nigeria has entered the New Year with stronger economic momentum as the Federal Government’s reforms begin to stabilise markets, lift investor confidence, and unlock new growth opportunities for individuals, businesses and organisations.

The Managing Director averred that the outlook reflected a gradual but clear economic recalibration, driven by policy discipline, financial sector reforms and renewed momentum in productive sectors.

Despite inflationary pressures in the Nigerian economy, currency realignments and external shocks, the West African country had demonstrated resilience through innovation and structural reforms, stated he.

Affirming the development has positioned the economy for sustained recovery, Alebiosu said the annual forum had evolved into a strategic platform for shaping ideas, sharing insights and identifying pathways for inclusive and sustainable growth amid global uncertainty.

He, therefore, restated FirstBank’s commitment, stating that the institution’s 131-year legacy remained anchored on supporting national development through strong capital buffers, digital transformation and effective financial intermediation.

He declared: “Nigeria’s competitiveness will depend on disciplined reforms, investment in human capital, scalable infrastructure and strong public-private collaboration.”

He equally averred that effective partnerships between government and the private sector would be critical to unlocking growth opportunities, while the forum’s sessions would offer practical guidance on managing volatility and identifying growth-driving sectors.

Speaking with reporters on the sidelines of the event in Lagos, Alebiosu said Nigeria was entering a new phase of macroeconomic stability.

This outlook is supported by easing inflation, stronger manufacturing output and renewed investor confidence, he said.

According to him, interest rates and the ongoing bank recapitalisation exercise would significantly boost credit expansion in 2026.

“Banks now have more liquidity and the environment is improving. Lending will naturally increase, provided we avoid reckless credit decisions.”

Alebiosu urged Nigerians in the Diaspora to reconsider holding savings in foreign currencies, noting that returns on Naira-denominated assets were increasingly outperforming foreign holdings.

The FirstBank Chief Executive further asserted: “With an appreciating Naira, keeping money abroad is a waste of time.”

In regard to the new phase of macroeconomic stability, Alebiosu also cited rising industrial activity and the decentralisation of power generation as key catalysts for real-sector growth.

Declining food and fuel prices have indicated easing market distortions, stated he.

He said stronger external reserves and rising foreign inflows had improved Nigeria’s buffers against volatile capital movements in the economy.

He projected economic growth of between seven and 10 per cent in 2026, including during the election period.

Alebiosu said: “There will be no crisis. The economy is racing, and after the election you will see accelerated growth far higher than we have ever seen.”

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