CBN: Bank recapitalization key to achieving Nigeria’s $1trn economy goal

The Central Bank of Nigeria (CBN) says the ongoing bank recapitalization exercise is central to Nigeria’s drive toward becoming a $1 trillion economy by 2030.

Speaking at a three-day retreat of the Association of Corporate Affairs Managers of Banks (ACAMB) in Abeokuta, the CBN Deputy Governor in charge of Financial System Stability, Philip Ikeazor, said the reforms will strengthen Nigerian banks, boost their competitiveness, and enhance their capacity to withstand both domestic and global economic shocks.

Represented by Ibrahim Umar Hassan, Ikeazor recalled the success of the 2005 recapitalization exercise, which consolidated and strengthened Nigerian banks, enabling them to finance large-scale projects and expand across Africa and into major global financial centers such as London and Paris.

“The current exercise is designed to make our banks bigger, stronger, and more resilient — giving them the capacity to drive growth and contribute meaningfully to national development,” he stated.

He expressed confidence that most banks will meet the recapitalization requirements before the first-quarter 2026 deadline, either individually or through mergers and strategic alignments.

“There is no doubt that the objectives of this exercise will be achieved.

“These reforms under the leadership of Governor Olayemi Cardoso are targeted at building a banking sector that supports sustainable growth, drives inclusion, and powers Nigeria’s economic transformation,” he added.

In his remarks, ACAMB President Rasheed Bolarinwa emphasized the critical role of effective communication and reputation management in building public trust in the banking system.

He urged corporate communications managers to strengthen public confidence by showcasing how banks contribute to improving the lives and livelihoods of Nigerians.

The CBN reaffirmed that the recapitalization initiative is not just about bigger balance sheets, but about building a stronger, more resilient financial system capable of driving Nigeria’s long-term economic ambitions.