CBN Governor Olayemi Cardoso Signals Call for Capital Increase in Banks to Fuel Nigeria’s $1 Trillion Economy
By Gyado T Emmanuel
CBN Governor Olayemi Cardoso….
In a strategic move to support President Bola Tinubu’s projected $1 trillion economy for Nigeria, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has announced plans to request Nigerian banks to elevate their capital base. This revelation was made during the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos, where Cardoso served as the special guest of honor and keynote speaker.
Speaking on the anticipated positive impacts of government policies, including the removal of the petrol subsidy and the adoption of a floating exchange rate, Cardoso expressed optimism about their potential to enhance the economy in the medium term. He emphasized that these measures are expected to boost investor confidence, attract capital inflow, stimulate domestic investments, and contribute to the stability of the local economy.
Despite acknowledging the challenges presented by the global and local economic environment, Cardoso commended Nigeria’s financial sector for demonstrating resilience in 2023. He noted key indicators of financial soundness largely meeting regulatory benchmarks, underscoring the sector’s ability to navigate challenges and contribute to the nation’s economic stability.
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The call for banks to increase their capital base aligns with the broader strategy of fortifying the financial sector to play a pivotal role in achieving the ambitious economic target set by President Tinubu. As Nigeria aims for a trillion-dollar economy, the collaboration between the CBN and financial institutions becomes instrumental in fostering a robust economic landscape that can withstand global uncertainties and propel the nation toward sustained growth.
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