The Central Bank of Nigeria, CBN, has reaffirmed its commitment to a robust banking sector as a cornerstone of the country’s ambition to become a $1 trillion economy by 2030.
Addressing financial journalists in Abuja on Monday, the CBN’s Director of Banking Supervision, Mr Olubukola Akinwunmi, said strengthening financial system stability is essential to withstand potential economic shocks.
In March 2024, the CBN introduced sweeping reforms requiring higher paid-in capital for commercial, merchant, and non-interest banks—a move seen as central to economic transformation.
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Lenders are expected to meet the new thresholds through fresh equity, mergers and acquisitions, or by adjusting their licence classifications.
Rating agency Agusto & Co. projects the recapitalisation drive could inject up to ₦4 trillion into the banking sector, significantly boosting liquidity and resilience ahead of Nigeria’s long-term growth targets.
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