Central Bank Governor Olayemi Cardoso has asked banks to put their new capital, N4.6 trillion raised through a recent recapitalisation exercise, to work. The exercise, Cardoso says, was carried out not just to strengthen banks’ balance sheets but to expand their capacity to finance economic growth.
Thirty-three banks met the new requirements, and nearly 73 percent of the money came from Nigerian investors.
In his words: “A stronger banking system that lends timidly has missed the point.
The capital that has been raised must find its way into the productive economy, into small and medium-sized enterprises, agriculture, infrastructure and businesses that create jobs and earn foreign exchange.”
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