The Central Bank of Nigeria (CBN) has said that the country’s journey toward achieving a $1 trillion economy by 2030 is on course, with ongoing reforms in the banking sector playing a central role in that vision.
Speaking during a three-day retreat organized by the Association of Corporate Affairs Managers of Banks (ACAMB) in Abeokuta on Friday, the CBN Deputy Governor in charge of Financial System Stability, Mr. Philip Ikeazor, said the recapitalization exercise and other financial reforms were designed to strengthen Nigerian banks for global competitiveness and economic resilience.
Ikeazor, who was represented by Mr. Ibrahim Umar Hassan, explained that the reforms were part of the broader economic roadmap of the Tinubu administration aimed at achieving the “Renewed Hope Agenda” of building a trillion-dollar economy by the end of the decade.
“A lot of reforms are taking place at the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso. These reforms, particularly in the banking sector, are meant to reposition Nigerian banks to become stronger, more competitive, and better prepared for global participation,” he said.
He added that recapitalization would not only increase banks’ financial strength but also give them the capacity to support large-scale national development projects, create jobs, and withstand both internal and external shocks.
“What this means is that our banks will have greater capacity to contribute to national growth, participate in the global economy, and remain resilient to shocks that every economy faces from time to time,” he stated.
Ikeazor drew a parallel between the current exercise and the 2005 banking reform, which, according to him, transformed Nigeria’s financial landscape.
“In 2005, a similar recapitalization exercise was carried out. It consolidated the sector into 25 strong and resilient banks, many of which went on to expand into West Africa, East Africa, and even financial centers such as London and Paris. That exercise made our banks key players in the regional and global economy,” he recalled.
He expressed confidence that most banks would meet the recapitalization requirements before the first-quarter 2026 deadline.
“I am confident that quite a large number of banks have already met the requirement, and before the expiration of the deadline in 2026, all banks will be recapitalized — either individually, through mergers, or through strategic alignments. Without any fear of contradiction, the objectives of this exercise will be achieved,” he assured.
Ikeazor also commended ACAMB for its continued partnership in communicating accurate information about the reforms to the public.
“I must commend ACAMB for being a strategic partner in projecting the right message on how the banking sector contributes positively to the living standards of Nigerians,” he said.
In his welcome address, the ACAMB President, Mr. Rasheed Bolarinwa, emphasized the importance of trust and reputation management in the financial system.
“There is a need to create confidence in the banking sector through effective reputation and perception management. Corporate Communications Managers have a critical role to play in building trust among Nigerians and showing how the banking system impacts their lives and the economy,” Bolarinwa said.
The retreat, themed Olumo 2025: Banks Recapitalisation and Beyond – Amplifying Brand Resilience & Stakeholders’ Financial Inclusivity, gathered top communication professionals and banking stakeholders to discuss the future of the industry under the ongoing reform agenda.
