The Central Bank of Nigeria (CBN) has explained that the new bank recapitalisation initiative is part of a critical push to have a robust, resilient, and inclusive financial system that would drive Nigeria’s economy towards achieving the $1 trillion mark by 2030, as set by President Bola Ahmed Tinubu.
The Deputy Governor, CBN Financial Services, Mr. Philip Ikeazor, who disclosed this said that Nigerian financial system needed to rest on a strong base to be able to withstand shocks, advance more credit to micro, small and medium enterprises, which are the engine of any economy as well as have capacity to accommodate the marginalised in the society – women and youth -by bringing them into the financial net.
Ikeazor spoke yesterday in Abeokuta, the Ogun State capital, at the opening of the 2025 retreat of the Association of Corporate Affairs and Marketing Communication Professionals in Banks (ACAMB).
He was represented by the apex bank’s Director of Development and Financial Institutions Supervision, Mr Ibrahim Hassan.
“Bank recapitalisation is not merely meant to create bigger banks, but better banks and banks that are safe, sound, well-governed, innovative and inclusive.
“We are making the banks better, not only stronger, but better. If you have a strong bank, what does it translate into? So, better in the sense of your ability for inter-mediation, we are talking of a Nigerian financial system being capable of advancing more credit to micro, small, and medium enterprises, which are the engine of any economy.
“So, it is not just about being big. Being big is good, but big for what purpose? So, it is about resilience, the ability to withstand shocks that may come internally or externally and the inevitable that happens in every economy, your ability to do that role, perform that role that is expected to be performed in the Nigerian economy by advancing credit. And by advancing credit, the economy will grow to achieve that vision of having a $1 trillion economy by year 2030 as a vision under the new Renewed Hope Agenda of the current President Bola Ahmed Tinubu,” he said.
He charged the ACAMB members to be proactive in leading the narrative through rigorous fact-based engagement.
“All must contribute to the quest of creating a stronger bank that will compete with any banks in the world and have the prosperity to finance multi-million dollar projects,” he said.
The President of ACAMB, Mr. Rasheed Bolarinwa, said that no nation can achieve economic buoyancy without a resilient and robust bank banking system driving all sectors of such an economy through efficient credit advancement.
Bolarinwa noted that to make that happen, banks must be recapitalised to play that catalyst role to make the system a stronger brand that can support the present administration’s drive towards the trillion-dollar economy target by the year 2030.
“Bank recapitalisation is a movement to rebrand the industry’s narratives and change the face of the industry to a more productive and residents’ industry,” Mr. Bolarinwa said.
Also, a professor of Marketing from the Lagos Business School, Tayo Otubanjo, harped on the need for banks in Nigeria to have a definite value proposition that will resonate with the members of the public, while Nigerian banks must also strive to have distinct identities that would differentiate them.
The retreat included plenary sessions, a master’s class, visits to the Olusegun Obasanjo Presidential Library and Olumo rock, among other activities.
