The Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Ms. Emem Usoro, has thrown her weight behind the ongoing push for bank recapitalisation, describing it as a critical pillar in Nigeria’s ambition to become a one-trillion-dollar economy.
Delivering the keynote address at the 36th Seminar for Finance Correspondents and Business Editors held in Abuja on April 13, 2025, Ms. Usoro underscored the urgent need for a stronger, more resilient banking sector that can support the country’s development aspirations and enhance its global competitiveness.
Speaking on the theme, “Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy,” she noted that the global financial environment is constantly evolving, and Nigeria must be proactive in aligning with international standards.
“The Nigerian banking system must be strong, resilient, and stable enough to power the economy and favourably compete globally,” she stated.
Reflecting on the 2004 banking consolidation exercise—which saw the number of banks reduced from 89 to 25 while significantly increasing their capital base—Ms. Usoro emphasized the importance of similarly bold reforms today. According to her, increased capitalisation will better position banks to finance large-scale projects and drive the growth needed to achieve the trillion-dollar milestone.
“With our economy currently valued at around $250 billion, the journey to $1 trillion demands collective effort, strategic planning, and bold reforms,” she said.
Ms. Usoro also highlighted the importance of effective policy direction, regulatory oversight, and strong collaboration among stakeholders in achieving this national goal. She commended the seminar for creating a platform to shape the dialogue around recapitalisation and generate practical solutions.
“This gathering is essential to bring to the fore the Bank’s efforts and policy direction,” she said, encouraging media professionals and industry players to actively engage in the conversation and help galvanize support for the recapitalisation agenda.
Also speaking at the seminar, Mrs. Sidi Ali Hakama, Acting Director, Corporate Communications Department of the CBN, described the forum as timely and impactful. She noted that the deliberations would offer participants a deeper understanding of the regulatory, operational, and strategic dimensions of bank recapitalisation.
According to her, Nigeria’s bold ambition to attain a one-trillion-dollar economy by 2030 can only be achieved through robust financial systems that support investment, innovation, and inclusive growth.
“Strengthening the banking sector is essential if Nigeria is to boost its economic resilience and global competitiveness,” she said.
The seminar brought together key stakeholders from the financial media, regulatory agencies, and the banking industry to explore actionable strategies for achieving the CBN’s recapitalisation goals and advancing the broader economic transformation agenda.
Leave a Reply