Delivering the keynote address at the 36th edition of the Finance Correspondents and Business Editors seminar (FICAN), Ms. Emem Usoro, Deputy Governor, Corporate Services at the CBN, emphasized that Nigeria must recalibrate its banking sector to fully participate in the evolving global financial ecosystem. The address was delivered on her behalf by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, in Abuja.
With the theme “Playing the Global Game: Banking Recapitalization Towards a $1 Trillion Economy,” the seminar was hailed as timely and strategic. Ms. Usoro acknowledged the dynamic shifts in the global financial architecture, stating that financial globalization, accelerated even before the Trump administration in the United States, has opened up boundless opportunities for capital flow and investment. However, she warned that only nations with agile, well-capitalized banking systems can truly benefit.
“Banking recapitalization is not just a technical policy move—it is a strategic national imperative. To fund and power an economy of $1 trillion, our banks must be stronger, more resilient, and equipped to deliver long-term financing for critical development projects,” she stated.
The Deputy governor corporate services reflected on Nigeria’s historic 2004 banking sector reforms that consolidated banks from 89 to 25 and set a capital base of ₦25 billion—a bold move that stabilized the sector and prepared it for global relevance. She stressed that now, two decades later, the time has come for an even bolder stride.
“Our current economy is valued at approximately $250 billion. Reaching the $1 trillion mark will demand deliberate planning, a clear policy direction, meticulous execution, and unwavering commitment from all stakeholders,” she added.
She noted that the ongoing seminar provides a crucial platform to interrogate regulatory expectations, industry responsibilities, and the role of the media in shaping public understanding and accountability around the recapitalization agenda.
The Deputy Governor highlighted that the discussions from the seminar—ranging from regulatory perspectives to operational realities and media strategy—will contribute to shaping a robust policy framework. “Financial intermediation must be deepened. A healthier, competitive banking environment is essential to strengthen our payment systems and improve the overall health of our financial landscape,” she said.
Ms. Usoro expressed confidence that the outcomes of the seminar would enhance understanding of the strategic rationale behind recapitalization and its vital role in achieving Nigeria’s economic vision. “On behalf of the Central Bank of Nigeria and its leadership, I welcome all participants and thank you for your commitment to Nigeria’s economic future,” she said.
The keynote ended with resounding applause, setting a focused and energetic tone for the rest of the high-level discussions at the FICAN seminar.
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