The Central Bank of Nigeria (CBN), yesterday said it was inevitable to order the recapitalisation banks to fund, finance, and power the proposed $1 trillion economy by 2030.
CBN Deputy Governor, Corporate Services, Emem Usoro, also said improving banks’ capital base will help them to favourably compete globally with their peers in other climes.
Usoro delivered the keynote address at the opening of the 36th CBN seminar for finance correspondents and business editors, with the theme, “Playing the Global Game: Banking Recapitalisation Towards a $1trilion Economy” in Abuja.
Usoro stressed the need to pay significant attention to bank recapitalisation to ensure that financial institutions remained strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes.
While acknowledging that building a $1 trillion economy was a herculean task, she said it would require careful planning, robust and clear policy direction, dutiful implementation, and averred commitment from stakeholders that would galvanise the various sectors of the economy.
