The Governor, Central Bank of Nigeria (CBN), Yemi Cardoso, has stated that the ongoing recapitalisation of commercial banks in the country is expected to support the Federal Government’s goal to grow the economy to $1 trillion by 2030.
Cardoso made this remark yesterday when he appeared before the House of Representatives Committee on Banking Regulations.
The CBN was invited to brief lawmakers on policy measures and strategies to address domestic macroeconomic challenges in the country. He explained that bank recapitalisation is expected to foster a more robust and resilient banking sector by March 2026.
The CBN Governor, speaking on banking supervision, explained that “one of the key measures includes the recapitalization of the banking sector by raising the minimum capital base to support the $1 trillion economy envisioned by the Federal Government of Nigeria (FGN) by 2030.”
“Banks are required to meet these new thresholds by March 31, 2026, with several options available for reaching these targets.
“These options include issuing new equities, engaging in mergers and acquisitions, or adjusting their operational licenses.”
