The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations.
CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.”
The CBN’s new recapitalization policy mandates increased capital requirements, ranging from fifty billion to five hundred billion naira, aimed at enhancing the stability and capacity of the banking industry, attracting greater investments, and supporting Nigeria’s goal of becoming a one trillion-dollar economy by 2026.
Mr. Cardoso, represented by the acting Director of the Financial Policy Regulation Department, Mr. John Onoja, stated that the policy would boost banks’ lending capital and increase foreign direct investment.
Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted that ongoing fiscal reforms are steering the nation towards achieving the one trillion-dollar economy target.
Dr. Joe Abah, Nigeria Country Director for Development Alternatives Incorporated, pointed out that poor planning among policymakers has hindered the successful implementation of government reform programs.
Energy expert Mr. Edu Okeke emphasized that achieving a one trillion-dollar economy requires ensuring power availability to critical sectors.
The panelists called for increased agricultural output and productivity among citizens to create wealth and bolster the economy.
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