For Nigeria to achieve the $1trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and other financial stakeholders, emphasised on the need for banks and Fintech companies to collaborate and drive the real sector growth.
They stated this at the 2024 annual conference of the Finance Correspondents Association of Nigeria (FICAN) held at the weekend in Lagos, with the theme, ‘Nigeria’s Journey Towards $1 trillion Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector’.
The managing director/chief executive, NDIC, Bello Hassan stated that the current recapitalisation initiative of the Central Bank of Nigeria (CBN) must be effectively implemented.
He said this is necessary towards enhancing the resilience, solvency and capacity of Nigerian banks to absorb shocks and continue to support economic development of the nation by efficiently performing their function as the fulcrum of financial intermediation.
He noted the role of strong and well capitalised banks in supporting the current administration’s bold vision of growing Nigeria’s economy to a $1 trillion must be appreciated by the relevant players in the financial sector.
