The Governor of the Central Bank of Nigeria, Yemi Cardoso, says Nigerian banks raised more than ₦4.65 trillion during the recently completed banking sector recapitalisation programme.
Cardoso described the exercise as one of the most significant achievements of the country’s ongoing economic reforms.
In a statement on Thursday, Cardoso said the months of April and May were devoted to consolidating reforms, strengthening institutions and ensuring that policy gains translate into lasting economic outcomes following the successful completion of the recapitalisation programme in March.
According to him, the recapitalisation exercise significantly strengthened the financial sector by boosting banks’ capital buffers, improving resilience and expanding their capacity to support economic growth and financial intermediation.
Cardoso noted that the strong participation of both local and foreign investors in the exercise reflected increasing confidence in Nigeria’s financial system and the government’s reform agenda.
“The recapitalisation programme remains one of the most significant achievements of this reform period. Through this exercise, Nigerian banks raised over ₦4.65 trillion, strengthening capital buffers, enhancing resilience, and expanding the sector’s capacity to support economic growth and financial intermediation,” he said.
“The strong participation of both domestic and international investors reflected growing confidence in Nigeria’s financial system and reform trajectory.”
The CBN governor also highlighted Nigeria’s participation in the annual meetings of the International Monetary Fund and the World Bank in Washington, describing the engagements as an opportunity to showcase the country’s economic reforms and strengthen investor confidence.
He said the meetings took place amid growing global economic uncertainty characterised by tighter financial conditions, geopolitical tensions and slow growth across several economies.
According to Cardoso, Nigeria used the platform to present its reform progress, engage development partners and reinforce confidence in the country’s economic direction.
“One of the most important engagements was with World Bank President, Ajay Banga, where discussions focused on institutional reform, long-term development priorities, and the partnerships required to support sustainable growth,” he stated.
Cardoso added that Nigeria, in its capacity as Chair of the Group of 24 (G-24), played a key role in advancing discussions on development financing, reforms to the global financial system and strategies for promoting job-rich growth across developing countries.
He maintained that the focus of current reforms remains the achievement of long-term macroeconomic stability and sustainable economic growth.
