The Central Bank of Nigeria has reiterated that the ongoing recapitalisation of commercial banks is central to achieving the Federal Government’s ambition of building a $1 trillion economy by 2030.

The CBN Deputy Governor for Financial System Stability, Mr Philip Ikeazor, stated this on Friday at the three-day retreat of the Association of Corporate Affairs Managers of Banks, held in Abeokuta, Ogun State.

He described the recapitalisation policy as “a journey, not a destination,” stressing that the objective is to build banks that are not only bigger but stronger, well-governed, and inclusive.

Represented by Mr Ibrahim Hassan, Ikeazor said: “The true goal of the exercise is not merely to create bigger banks but better banks—banks that are safe, sound, innovative and inclusive.”

He added that well-capitalised banks would boost national development, enhance competitiveness, and improve the sector’s ability to withstand domestic and global economic shocks.

Recalling the 2005 recapitalisation that reduced Nigerian banks from 89 to 25 and strengthened the industry, Ikeazor noted that the current reforms are part of broader efforts to reposition the sector under the leadership of CBN Governor, Mr Olayemi Cardoso.

“I am confident that before the deadline in the first quarter of 2026, most banks will have met the new requirements either individually or through mergers. This exercise will position Nigerian banks to better support economic growth and compete globally,” he said.

He stressed that the recapitalisation is aimed at creating financial institutions capable of supporting big-ticket projects, expanding credit to the real sector, and driving Nigeria’s economic transformation agenda.

Also speaking at the event, a marketing professor at Lagos Business School, Prof. Tayo Otubanjo, urged financial institutions to use the recapitalisation as an opportunity to engage in real banking by extending credit to small businesses, traders, and artisans.

He said, “After recapitalisation, banks will have more liquidity. This is the time to push funds into productive sectors and empower those who genuinely drive the economy.”

In his remarks, the President of ACAMB, Rasheed Bolarinwa, described the retreat — returning after a 15-year hiatus—as a strategic platform for knowledge sharing among industry leaders, regulators, and financial communication professionals.

Babalola said the recapitalisation drive was “not merely a regulatory hurdle” but a catalyst for re-imagining Nigerian banks as stronger and more inclusive institutions that can power the $1 trillion economy vision.

He said, “Beyond balance-sheet growth, the real value lies in brand resilience — the ability to deepen trust among customers and investors—and in expanding financial inclusion for MSMEs, women-led enterprises, and the unbanked.”

Recall that the CBN in March 2024 announced new minimum capital requirements for commercial banks — ₦500 billion for international banks, ₦200 billion for national banks, and ₦50 billion for regional banks.

The apex bank said the recapitalisation policy was designed to strengthen the financial system, improve credit access to the real sector, and enable banks to play a catalytic role in achieving the $1 trillion economic target by 2030.