Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted the imminent need for a new phase of banking recapitalization in Nigeria.
This initiative aims to fortify banks’ capacities to operate effectively within the anticipated $1 trillion economy by 2030.
Cardoso made this revelation during his keynote address at the 58th annual bankers’ dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) held on Friday.
Addressing the challenges faced by Nigerians due to policy implementations, Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, acknowledged the hardships while expressing optimism about forthcoming positive changes. Edun hinted at substantial progress being made to revitalize the Nigerian economy, aligning it with President Bola Ahmed Tinubu’s vision of a green economy. He emphasized the administration’s commitment to fostering investment, job creation, and poverty reduction.
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Acknowledging the resilience and health of the banking sector, Edun praised the industry’s notable achievements. He commended Nigerian banks for their expansion beyond European borders and across Africa, underscoring the sector’s potential to contribute significantly to the global financial landscape.
These statements reflect the government’s recognition of current challenges while hinting at imminent reforms and strategies aimed at steering Nigeria’s economy towards sustainable growth, investment attractiveness, and a comprehensive approach to poverty reduction.
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