The Central Bank of Nigeria has reaffirmed that the ongoing recapitalisation of commercial banks is vital to achieving the Federal Government’s goal of building a $1 trillion economy by 2030.
Speaking at the Association of Corporate Affairs Managers of Banks’ retreat in Abeokuta, the CBN Deputy Governor for Financial System Stability, Philip Ikeazor, emphasised that the policy aims to create not just larger but stronger, well-governed, and inclusive banks capable of driving national growth and withstanding global shocks.
He explained that the recapitalisation, similar in spirit to the 2005 banking reforms, is part of wider efforts under CBN Governor Olayemi Cardoso to strengthen the financial system.
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