Robust banking sector key to unlocking Nigeria’s $1trn economic — CBN
By Seun Ibiyemi
As Nigeria accelerates its pursuit of a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has reaffirmed the pivotal role of the banking industry in driving this transformation.
Speaking at a seminar for finance correspondents and business editors in Abuja on Monday, the CBN’s Director of Banking Supervision, Olubukola Akinniyi Akinwunmi, underscored the necessity of strengthening the financial system’s stability to withstand global economic shocks.
In March 2024, the CBN introduced revised capital requirements for commercial, merchant, and non-interest banks—an assertive policy shift aimed at enhancing the sector’s resilience and its ability to fund the real economy.
Banks are expected to comply through equity injections, mergers and acquisitions, or by modifying their licensing categories.
The recapitalisation effort has drawn a largely positive response from analysts. Credit rating agency Agusto & Co. estimates that the initiative could attract about ¦ 4 trillion into the banking system by the time it concludes. Fitch Ratings also observed that Nigerian banks are making meaningful progress towards meeting the 2026 deadline.
Fitch further pointed to improved investor sentiment, attributing the shift in part to greater stability in the foreign exchange environment.
Akinwunmi noted that recent global headwinds, including tariff increases by the United States, add urgency to efforts to bolster Nigeria’s financial infrastructure. “The CBN’s forward-thinking approach, especially with the recapitalisation move, reflects our readiness to navigate future uncertainties,” he said.
Themed “Playing the Global Game: Banking Recapitalisation Towards a $1 Trillion Economy,” the seminar sparked in-depth conversations on the current reforms, their long-term impact, and strategic opportunities for the sector.
Echoing the bank’s stance, Emem Usoro, CBN’s Deputy Governor of Corporate Services, called for robust, adaptable banking institutions capable of fuelling national growth and holding their own on the international stage.
“Recapitalisation goes beyond meeting regulatory benchmarks—it’s about building financial institutions that are strong enough to embrace risk, fund critical sectors, and inspire investor trust,” Akinwunmi concluded.
