Nigerian banks meet new capital requirements as CBN shifts focus
The Central Bank of Nigeria has announced that about 20 banks have already met the new capital requirements under its ongoing recapitalisation programme. Dr Muhammad Abdullahi, Deputy Governor of Economic Policy at the CBN, revealed this during a panel discussion. The CBN is now concentrating on ensuring that stronger bank balance sheets result in more credit for the real sector. The recapitalisation aims to support Nigeria’s ambition of becoming a trillion-dollar economy.
TLDR
- Dr Muhammad Abdullahi stated that around 20 banks have met the new capital requirements, with more banks achieving compliance daily.
- The CBN is shifting its focus from just increasing bank capital to ensuring productive and sustainable lending.
- The bank has strengthened its regulatory capacity over the past year to monitor that recapitalisation benefits reach priority sectors.
- Senator John Enoh unveiled the National Industrial Policy, targeting job creation, manufacturing growth, and reduced import dependence.
- The new policy aims to integrate MSMEs into industrial value chains and ensure effective implementation for tangible results.
