The Central Bank of Nigeria (CBN) has reiterated its commitment to strengthening the banking sector as a cornerstone for achieving Nigeria’s ambitious $1 trillion economy target.
Delivering the keynote address on behalf of Ms. Emem Usoro, Deputy Governor, Corporate Services at the CBN, Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, charged stakeholders in the financial sector to embrace bold reforms and honest dialogue during the opening of the 36th edition of the Finance Correspondents and Business Editors Seminar (FICAN) in Abuja.
Speaking to a hall packed with policymakers, journalists, and industry leaders, Mrs. Sidi Ali described the seminar’s theme—“Playing the Global Game: Banking Recapitalization Towards a $1 Trillion Economy”—as timely and strategic, given the current shifts in the global financial landscape.
“The world’s financial architecture has dramatically evolved, even before the Trump era in the U.S.,” she noted. “Globalization has unlocked unprecedented financial flows. But for countries like Nigeria, only well-prepared systems with sound policy support can truly harness these opportunities.”
Referencing the successful 2004 bank consolidation exercise which raised the minimum capital base to ₦25 billion and trimmed the number of banks from 89 to 25, Usoro’s address reminded participants of how visionary reforms can reshape an economy. “That consolidation was a noble move led by the CBN, and we must now rise again to meet new demands,” she stressed.
With Nigeria’s current GDP hovering around $250 billion, the Deputy Governor emphasized that climbing to the $1 trillion mark will require strong, capitalized banks that can fund critical infrastructure and support economic transformation.
“Bank recapitalization is not just desirable—it is a necessity. We need banks that are not just stable and resilient, but globally competitive and capable of deep financial intermediation,” she declared.
She urged all participants—from regulators to the media—to approach the seminar with the intention of making actionable contributions. She highlighted that the event’s structure includes regulatory, industry, and media perspectives, all essential for understanding, communicating, and implementing the policy direction.
“This forum must trigger honest, forward-looking recommendations,” she stated. “It’s not just about policy statements, but about building a shared vision and collective responsibility to realize our economic aspirations.”
In her conclusion, she affirmed the CBN’s commitment to driving sustainable financial reforms. “On behalf of the Management and Staff of the Central Bank of Nigeria, I welcome all participants and look forward to outcomes
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