Abuja, April 14, 2025 (NAN) – The Central Bank of Nigeria (CBN) has underscored the importance of recapitalising the country’s banks as a vital step towards achieving a one-trillion-dollar economy.
Thank you for reading this post, don't forget to subscribe!Speaking at the ongoing 36th edition of the Finance Correspondents Association of Nigeria (FICAN) seminar in Abuja, CBN’s Deputy Governor for Corporate Services, Emem Usoro, stressed that the Nigerian banking sector must be equipped to finance the nation’s economic aspirations and compete effectively on the global stage.
Represented by Mrs. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department, Usoro highlighted the need for strong, resilient, and stable banks that can support financial intermediation as the country pushes for economic growth.
“Global financial systems have evolved, and with financial globalisation opening new avenues for investment, it’s critical that Nigeria’s banking system continues to evolve to capitalise on these opportunities,” Usoro noted.
She referred to Nigeria’s 2004 banking sector consolidation, which reduced the number of banks from 89 to 25 by setting a N25 billion minimum capital requirement. This, she said, was a crucial step in fortifying the banking sector.
As Nigeria aims for a one-trillion-dollar economy, Usoro called for targeted recapitalisation to ensure that Nigerian banks are equipped to handle the increasing demands of the financial system. “Building a trillion-dollar economy will require careful planning, clear policy directions, and unwavering commitment from all stakeholders,” she added.
Usoro also pointed out that while Nigeria’s current economy is valued at approximately $25 billion, achieving the goal of a trillion-dollar economy demands collective effort across all sectors.
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