CBN Governor Olayemi Cardoso Eyes Capital Base Increase for Banks in Anticipation of Nigeria’s $1 Trillion Economy
By Gyado T Emmanuel
CBN Governor Olayemi Cardoso…….
Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has announced plans to urge Deposit Money Banks (DMBs) to bolster their capital base in preparation for Nigeria’s projected $1 trillion economy. President Bola Tinubu has set this ambitious target for the nation, emphasizing the need for a robust financial sector to support such substantial economic growth.
Speaking at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos, where he served as the special guest of honor, Cardoso acknowledged the substantial work ahead for the apex bank. He emphasized the importance of collaboration among stakeholders to achieve the economic goals set by the President.
During the event, Cardoso outlined the administration’s economic agenda and highlighted the imperative of sustainable and inclusive economic growth to reach the envisioned $1 trillion GDP over the next seven years. Recognizing the role of the banking industry in this ambitious endeavor, he underscored the need to assess the adequacy of the sector to meet the demands of the expanding economy.
“As the CBN Governor, I knew that there was much work to be done in the way the apex bank ran its operations,” said Cardoso, signaling a commitment to evaluating and enhancing the central bank’s functions to align with the economic objectives outlined by the President.
The move to encourage banks to increase their capital base aligns with the anticipation of a more robust financial sector capable of supporting the rapid economic growth envisaged by the government. It also underscores the proactive measures being taken to ensure that the banking industry is well-positioned to play a pivotal role in the realization of Nigeria’s ambitious economic targets.
As the CBN sets the stage for these changes, the collaboration and cooperation of stakeholders will be crucial in navigating the path toward a stronger and more resilient banking sector, ready to meet the demands of a $1 trillion economy.
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