The Central Bank of Nigeria (CBN) has emphasized that the ongoing bank recapitalisation exercise is a strategic move to strengthen the country’s financial system and position it to achieve its $1 trillion economic ambition by 2030.
Speaking at a retreat in Abeokuta, Ogun State, CBN Deputy Governor Philip Ikeazor stated that the recapitalisation policy is designed to equip Nigerian banks to withstand shocks, expand credit to the real sector, and drive inclusive growth. Ikeazor noted that the exercise is a statement of resilience and ambition, aimed at building institutions that can finance infrastructure projects, support innovation, and promote sustainable growth.
According to Ikeazor, the recapitalisation is necessary given the current global financial volatility, inflationary pressures, and exchange rate realignment. He drew parallels with the 2005 consolidation that birthed stronger banks, saying the current exercise seeks to build institutions that can support Nigeria’s economic ambitions.
The CBN deputy governor urged industry stakeholders to be bold and deliberate in their efforts to achieve the vision, emphasizing that 2030 is just five years away. He called for collective resolve and ingenuity to make the vision a reality.
ACAMB President Bolarinwa Babalola echoed Ikeazor’s sentiments, stating that the recapitalisation provides a unique opportunity for the industry to reimagine the future of Nigerian banking, emphasizing trust, inclusion, and collective growth. He added that the exercise is not just a regulatory hurdle, but a catalyst for building stronger, more trusted, and more inclusive institutions that can support Nigeria’s economic ambitionsambitions.
