CBN Deputy Gov backs bank recapitalisation to power $1trn economy goal

The Deputy Governor of Corporate Services at the Central Bank of Nigeria (CBN), Ms. Emem Usoro, has emphasized the urgent need for robust bank recapitalisation as a critical step towards achieving Nigeria’s ambition of becoming a one-trillion-dollar economy.

She made this call while delivering the keynote address at the 36th Seminar for Finance Correspondents and Business Editors in Abuja on April 13, 2025.

Speaking on the theme, “Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy,” Ms. Usoro highlighted the evolving dynamics of the global financial system and urged Nigeria to seize the opportunities offered by financial globalisation. “The Nigerian banking system must be strong, resilient, and stable enough to power the economy and favourably compete globally,” she said.

The Deputy Governor recalled the success of the 2004 banking sector consolidation, which reduced the number of banks from 89 to 25 and increased their capital base. She noted that similar bold moves are now required to build a stronger financial foundation capable of financing development projects and driving economic growth. “As we aspire to build a $1 trillion economy, all hands must be on deck,” she added.

Ms. Usoro stressed the role of effective policy direction, regulatory oversight, and stakeholder collaboration in achieving the ambitious economic target. She pointed out that the current valuation of Nigeria’s economy is approximately $250 billion, indicating the scale of transformation needed. The seminar, she said, is crucial in shaping the discourse and generating actionable recommendations.

She concluded by encouraging open discussions and active participation from the media, industry stakeholders, and regulators. “This gathering is essential to bring to the fore the Bank’s efforts and policy direction,” she stated, expressing hope that the deliberations would deepen understanding and accelerate progress toward the one-trillion-dollar goal.

Similarly, Mrs. Sidi Ali Hakama, Acting Director of the Corporate Communications Department at the Central Bank of Nigeria (CBN), emphasized that the seminar offered participants valuable insights into the regulatory, operational, and strategic aspects of banking recapitalization. She highlighted its significance in the context of Nigeria’s bold ambition to transform into a one-trillion-dollar economy by 2030, noting that such efforts are essential in enhancing the country’s competitiveness on the global economic stage.