Nigeria's Central Bank Governor Olayemi Cardoso has positioned the country's recapitalised banking sector as a critical pillar in the nation's ambitious push toward a $1 trillion economy..
Speaking at the Africa Capital Forum in London on March 17, Cardoso highlighted that more than 30 banks have successfully met the Central Bank of Nigeria's new capital requirements, and said the old financial system was "dead and buried", replaced by "a new system that has brought liquidity and transparency". The recapitalisation drive carries a March 31, 2026 deadline.
CAPITAL STRENGTH UNLOCKS GROWTH
The recapitalisation framework introduced by the CBN established differentiated capital thresholds linked to the government's $1 trillion economy goal. Banks with international licences must hold minimum capital of N500 billion, national banks N200 billion and regional banks N50 billion.
Cardoso said 32 banks had met the new requirements, with regulatory verification continuing for others, and that the sector's stability was likely to stay on course.
INVESTOR CONFIDENCE AND CURRENCY RISK
Cardoso also pointed to improvements in the foreign exchange market and in diaspora remittances.
Cardoso said foreign investors accounted for 28% of the capital raised in the recapitalisation, with 72% raised locally, which he said reflected growing trust in Nigeria's financial system.
FINTECH COMPETITION AND DIGITAL INNOVATION
At the forum, J.P. Morgan's Luis Oganes described Nigeria as an emerging fintech ecosystem in sub-Saharan Africa, and Cardoso pointed to the forthcoming Payments System Vision for Nigeria.
"Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence," Cardoso said.